fossil fuels

Pension System to Adopt New Investment Strategy as Fossil Fuel Divestment Moves Ahead

December 21, 2018 // 1 Comment

Mayor Bill de Blasio and Comptroller Scott M. Stringer on Thursday, Dec. 20, announced the next big step in the New York City pension funds’ action to address the risk posed by climate change by divesting from fossil fuel reserve owners – an unprecedented process and the first-of-its-kind in the United States. A request for proposal (RFP) released today seeks advisers to analyze, evaluate, and recommend prudent fossil fuel divestment strategies for the New York City Employees’ Retirement System (NYCERS), the Teachers Retirement System (TRS), and the Board of Education Retirement System (BERS). Together, the three pension systems representing 70 percent of the total assets of the city’s $200 billion pension funds. The RFP will result in a comprehensive analysis of the city pension funds’ holdings and the risks the fossil fuel industry poses to pension assets. This [More...]

Our Pensions and Renewable Energy

October 9, 2018 // 1 Comment

By HENRY GARRIDO Executive Director, District Council 37, AFSCME, AFL-CIO NEW York City Mayor Bill de Blasio, Comptroller Scott M. Stringer and other trustees of the city’s pension funds recently announced a new goal to double the funds’ investments in climate change solutions to $4 billion, or 2 percent of the city’s $195 billion pension portfolio, over the next three years. This plan builds upon an earlier announcement to divest city pension funds from fossil fuels within five years. Opponents have engaged in scare tactics. In recent months, the Daily News has published two hyperbolic op-ed pieces criticizing these moves and falsely assailing the motives behind them. On the internet, opponents exploit the anxieties of pensioners and urge them to sign a petition, essentially just saying no to the future. Safeguarding our retirement As a trustee of the New York City Employees [More...]