AMAZING! HUGE VICTORY: @nyscomptroller to divest the giant $226 billion New York State pension fund from fossil fuels. It’s a giant end-of-year victory for activism heading into 2021! Details in thread. Thank you Tom DiNapoli! #DivestNY /1

"Comptroller DiNapoli is launching the best program of any major public fund worldwide to combat climate change & safeguard retirees' long term interests. The Comptroller's listened to experts, activists and state legislators and, today, history is being made."
- @PatrickHoos20

#DivestNY coalition powered by dedicated climate activists & http://350.org . Many elected officials, in particular @LizKrueger, pushed divestment legislation. NYC divestment also paved the way (thank you @NYCComptroller) We’re thrilled to support this campaign. /3

In recent years, the NYS fund had about $12 billion invested in the fossil fuel industry, with about $1 billion into Exxon alone. That’s over. /4

Comptroller DiNapoli’s program will effectively end the NYS pension funds’ financing of oil, gas and coal. New York’s pension fund will stop financing an existential threat to the state. /5

To complete divestment, the NYS pension fund will review individual fossil fuel industry subsectors and end investments within 4 years. /6

Coal company reviews were already completed, leading to divestment from 22 coal companies. Next up: tar sands. Then fracking companies, oil.gas majors, exploration and production, oil/gas services, and storage and transportation (pipeline corps). /7

The NYS fund will also fully debarbonize by 2040, which is 10 years faster than other public funds’ targets. That’s a big deal. Interim benchmarks will be set to achieve portfolio-wide decarbonization. /8

The effect will be massive: from car companies and tech to banks and utilities, decarbonization of the New York pension fund will put pressure on big companies to clean up their dirty acts - or lose billions of dollars of investments. /9

Pretty awesome, huh? We think so too! But wait… there’s more! /10

The NYS fund will set policies to vote against company directors who do not take climate action. That’s the ultimate shareholder power: fire the board and force different management. The fund will also hire staff to implement these plans and maintain transparency. /11

Comptroller DiNapoli is setting into place the best program of any public fund, worldwide. This plan’s effects will ripple across the global financial system. It is historic. /12

A large majority of Senate and Assembly Democrats, led by Senator Liz Krueger, co-sponsored divestment legislation, which helped to achieve this victory (the legislation is now set aside). Yet Republicans and even some Democrats opposed divestment. /13

In particular, we were disappointed that @BrianKavanaghNY, a Democrat who touts himself as a leader on environmental protections, opposed divestment after years of coalition and constituent lobbying. We hope Senator Kavanagh stops siding with Exxon over working people. /14

It’s been an 8 year fight, but the people are winning. The state’s retirees will also be better-protected since the fossil fuels have become high-risk and low-reward investments. Divestment will strengthen the funds over the long term. /15

Today is a day for everyone - except perhaps Exxon’s executives - to celebrate. Once again, we want to thank Comptroller DiNapoli, who is now leading the world on climate. /16

We also thank elected officials, especially @LizKrueger, who championed state-level divestment, and including @NYGovCuomo for supporting divestment. /17

We also thank everyone in the #DivestNY coalition and its core activists as well as @350NYC http://350.org  and @BillMcKibben for always inspiring this movement - and doing the hard, unglamorous work to make things happen. /18

Most of all, we thank the many activists who marched, lobbied, rallied, protested, petitioned, leafleted, testified, picketed, and sat-in over the 8 years of this campaign. This is a people-powered victory with global implications! #DivestNY /fin

PS visit http://www.stopthemoneypipeline.org  to get involved with climate finance campaigns that we support, such as divestment. Banks, asset managers and insurers must also divest: @BlackRock @jpmorgan @LibertyMutual should stop financing and insuring the climate crisis. Onward!