Members of the Syracuse Common Council Endorse Fossil Fuel Divestment Act

• by Urban CNY News
• May 9, 2019

Call on Statewide Elected Officials to Join Intention to Screen the City’s Funds for Fossil Fuel Companies Also Announced Syracuse, NY – Just over a week after a legislative hearing on the New York State Fossil Fuel Divestment Act (FFDA), Syracuse Councilors Joseph Driscoll and Michael Greene announced their city’s support for the FFDA and challenged other NYS mayors and elected officials to join them in supporting divesting the $200 billion state Common Retirement Fund (Fund) from coal, oil and gas companies. Further the officials stated their intention to screen out fossil fuel investments from the city’s internal funds. “The City of Syracuse is supporting the New York Fossil Fuel Divestment Act, and calling on other cities around the state to do the same,” said Joseph Driscoll, City of Syracuse Common Councilor. “This is the right thing to do economically, morally, and environmentally. In the interest of the long term viability of the communities we represent, we are supporting this bill, and calling on Comptroller Dinapoli to divest from fossil fuel companies in our state pension.” The FFDA would require State Comptroller Tom DiNapoli to responsibly divest from the largest 200 fossil fuel companies within five years, prioritizing low performing coal companies. Governor Andrew Cuomo has repeatedly called on DiNapoli to divest from fossil fuels, and recently directed state agencies and their $40 billion funds to move toward divestment. Driscoll, Greene and all city councilors and most Syracuse government employees are members and future beneficiaries of the Fund which currently has more than $13 billion invested in fossil fuel companies. The FFDA has 28 Senate and 38 Assembly sponsors, gaining support from Senator Michael Gianaris support this past week. The Common Council of Syracuse and Mayor Ben Walsh both submitted letters of support for the FFDA last week. Commenting as a co-sponsor and supporter of the Act, local Senator Rachel May, said: “It is critically important for New York to be a leader in combating climate change. The Fossil Fuel Divestment Act is a common-sense choice. We must invest wisely and begin to shift our economy away from fossil fuels so that we can meet our targets locally and globally for reducing greenhouse gas emissions.” “Divesting our state pension fund from fossil fuels will protect workers, retirees, and taxpayers from the rapid loss of value that fossil fuel companies will suffer in the coming energy transition. It will also send a powerful message that it is no longer acceptable to invest in a business model that puts our entire planet at risk. I commend Councilman Driscoll and Councilman Greene for recognizing that the climate crisis is here, and both fiduciary and moral responsibility require the process of divestment to begin now,” said Senator Liz Krueger, lead sponsor of the FFDA. Earlier this month, the State Decarbonization Panel released a long-awaited report recommending overhauled management of the fund, including urgent climate risk assessment, essentially divestment by any other name. Testimonies from members of the Decarbonization Panel underscored that if Comptroller DiNapoli incorporated their recommendations, the Fund would not have any fossil fuel investments. Katelyn Kriesel, a Financial Advisor from Hansen’s Advisory Services and President of the Reinvestment Alliance, also announced the launch of a statewide divestment campaign in coordination with 350.org. This divestment campaign will bring individuals together in collective action to support the Act and to encourage personal divestment of fossil fuels. The three components of the campaign are to sign the Divest NY petition, contact state and local representatives and request public support of the Act, and to divest personal assets of fossil fuel companies. More information on this campaign can be found at www.hansensadvisory.com. “In addition to Mayor Walsh and Councilors Driscoll and Greene, more than 220 local elected officials from across New York State have called on state officials to align New York’s investments with its commitment to clean energy. To protect the communities we serve and the local government employees who depend on the pension fund, we must act quickly. It is inconsistent for the pension system to maintain a financial interest in companies invested heavily in practices that worsen climate change while New York State is committed to policies necessary to avoid catastrophic climate change,” – Gregory Young, Fulton County Supervisor and Coordinator for Elected Officials to Protect New York. To date, over 1050 institutions representing more than $8.5 trillion in assets have committed to divest, including the Norwegian Sovereign Wealth Fund, New York City’s pension funds, the City of Denver, Colorado, and the country of Ireland.