States and Funds Fossil Fuels Divestment Update

Wall Street is Dumping Stock in Fossil Fuels. It turns out, Investing in a Dying Industry is Financial Folly. Likewise, just Five days ago, the Prestigious Georgetown University in Washington DC announced it was Divesting Completely from All Fossil Fuels.

But if Wall Street and Universities are Running from Fossil Fuels, shouldn’t our State Governments be Running too? Unbelievably, State Governments continue to Invest Billions of Dollars of Public Pension Funds into an Industry that is Destroying the Planet and is a Financial Bust.

In a Recent Interview, Wall Street Guru, Jim Cramer, Warned Investors to get Out of Fossil Fuels while they can. The World’s Biggest Investment Firm, BlackRock, agrees. Over the Past Decade BlackRock has Lost an Estimated $90 Billion by Investing in Dirty Energy. Oil Giants like Exxon, Chevron, Shell, and BP have Spent More Money in Ten years than they took in. Job Growth in Coal, Gas, and Oil is way Down. Cramer calls this Period the Death Knell Phase for Fossil Fuels.

Georgetown University Officials listened! They Announced to Fully Divest from Public and Private Investments they’ve made with Fossil Fuel Companies within the next 10 years. It’s a $13.4 Billion Endowment, so it’ll make a Major Impact.

But State Governments are Slow to Wake Up. Every year, States Invest the Retirement Funds of Hard Working Americans into Fossil Fuels. If it weren’t for these Sizable Subsidies, provided with our Pensions, the Outlook for these Dirty Giants would look a lot More Grim.

What’s more, States could be using these Funds to Invest in Renewables. Wind and Solar are Among the Fastest Growing Sectors in the National Economy, Outstripping Job Growth with Fossil Fuels Five to One. Can you Guess why Every Car Commercial during the Super Bowl was for an Electric Car? Renewables are a Good Return on the Money.

New York City is Divesting $5 Billion from Fossil Fuels Interests by 2022. In addition, the City is Filing Lawsuits against BP, ExxonMobil, Chevron, ConocoPhillips, and Shell, for Costs the City Faces in relation to Climate Change Cleanup.

New York Comptroller, Tom DiNapoli, is giving thought to Going Green. As the Sole Trustee of the $210 Billion State Common Retirement Fund, the Largest of its kind in the Nation, the Comptroller oversees about $13 Billion in Fossil Fuel-related Investments.

A State Bill would Direct the Comptroller to Divest the State Employee Pension Fund from All Direct and Indirect Investments in Coal, Oil, or Gas Producers. Divestment from Coal Producers would be Completed within Two years while Divestment from Oil and Gas POroducers would be Completed within Five years.










NYC Wins When Everyone Can Vote! Michael H. Drucker