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Divest/Invest Victory in New York

After over five years of campaigning by a broad array of stakeholders, New York City Comptroller Scott Stringer and Governor Andrew Cuomo each released separate proposals to freeze all current fossil fuel investments, divest New York’s public pension funds fossil fuel companies, and reinvest in renewable energy. Together, New York’s pension funds are among the largest in the world, representing a combined $390 billion.

The business and economic case for taking greater action on climate change is clear to companies throughout in New York State and throughout the country. ASBC and our affiliate the NY Sustainable Business Council is proud to have been a part of these efforts. Over the last number of years, we were able to raise up the voice of business leaders who could point the way to the needed action from our meetings that we held with the Mayor’s Office on Pensions and Investment and other key state and city officials, development of the Municipal Primer on Climate Investing, and our participation in public fora, including the recent public hearing held by NYC Public Advocate James.

By divesting, NYS and NYC can look can now reap the benefits of investment in a clean and healthy economy, growing business and creating jobs while protecting our health and environment. A win for business and all of us. Thank you to all of our members that have stepped up to help secure this victory. More work to come as we continue to build a sustainable economy.

Source Author: 
David Levine