We, the undersigned elected officials, are committed to protecting the economies, environment, and public health of the New York State cities, counties, towns, and villages we represent. While we appreciate your work on a low carbon investment index and the Sustainable Investment Program, we recognize these are only the first steps towards fully addressing the risk of climate change in our State’s pension fund. The urgent timeline for addressing climate change and securing the pension fund requires a firm commitment to rapidly shift investments away from fossil fuels.
Climate change is a serious and urgent threat to the health, welfare, and prosperity of all New Yorkers. New Yorkers have experienced the tragic impacts of climate change, including Superstorm Sandy and Tropical Storms Irene and Lee; the cost of Superstorm Sandy alone to New York State was $32.8 billion. We have witnessed the losses to our communities, businesses, and agriculture due to extreme weather, infrastructure damage, displacement of residents, and threatened food and water supplies, while taxpayers in our municipalities pay billions to rebuild and adapt.
The consensus of the international scientific community is that climate change is accelerating, raising sea levels, increasing extreme weather patterns, worsening air pollution, threatening water and food supplies, causing loss of critical biodiversity, and costing lives, livelihoods, and social integrity. The science is clear that we must rapidly reduce the extraction and burning of fossil fuels to avoid catastrophic climate change: at least 80% of all current coal reserves, half of gas reserves, and one third of oil reserves must stay in the ground.
As local officials with constituents and employees who are taxpayers and beneficiaries of the New York State Common Retirement Fund, we entrust the stewardship of our pension funds to the Comptroller’s Office. The Fund currently invests approximately $5 billion of public pension money in the 200 fossil fuel companies with the largest carbon content reserves. These investments fund coal mines, gas ports, pipelines, seafloor drilling, and tar sands extraction that worsen climate change and cost our communities. In New York State alone, at least 4,000 deaths and more than $33 billion in public health costs annually are associated with the burning of fossil fuels.
New York State’s current policy to invest indefinitely in the top 200 fossil fuel companies puts our communities and pension fund at risk and is antithetical to our state’s role as a national leader on transitioning to clean energy and climate resiliency. 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.
As a fiduciary, you are charged to prudently invest assets in ways that maximize long-term risk-adjusted performance. Fossil fuel companies do not meet this test. Risks to investments in fossil fuel companies continue to rise dramatically as clean energy is becoming rapidly more affordable and the extraction of fossil fuels is becoming more dangerous and costly. As communities demand a transition to clean energy, as industry develops new energy efficient and clean energy technology, and as governments take binding steps to limit emissions and restrict fossil fuel burning after the historic Paris agreement, fossil fuel companies whose value is based on unburnable carbon and methane reserves risk devaluation as a result of their stranded assets. Financial leaders around the world warn that the fossil fuel asset bubble will burst and destroy enormous wealth — putting New York State’s investments, and ultimately taxpayers, at risk.
Indeed, the Common Retirement Fund has already lost more than $261 million through coal investments from 2010 to 2015 at a time of generally strong market growth. There have been 52 bankruptcies in the coal industry, including all of the largest companies. These companies have lost 100% of their value and their efforts to come out of bankruptcy are marred by a weak pricing market, continued regulatory challenges, and growing public opposition at home and around the world.
New risks to fossil fuel investments surface with each passing month, with attorneys general from New York State and 16 other states conducting ongoing investigations of potential fraud by the industry for misleading shareholders and funding public misinformation campaigns over decades to deny the threats of and their role in climate change, even as they sought to protect their own assets from its impacts.
Divestment from fossil fuel companies has been shown to be safe, prudent, and consistent with fiduciary duty. Several studies have shown that fossil fuel-free funds perform as robustly or better than funds invested in such companies. Mercer’s Investing in a Time of Climate Change report demonstrates that divestment from fossil fuel companies can reduce investment risk by reducing exposure to climate change, allow capital to flow to the low-greenhouse gas economy, and offer exposure to investments that will benefit from climate change action — protecting beneficiaries and all New Yorkers.
Therefore, we respectfully urge you to divest the Common Retirement Fund from the top 200 companies with the largest carbon content fossil fuel reserves by 2020, and begin by divesting from all companies in the thermal coal industry within one year. Coal is one of the dirtiest energy sources, in addition to costing the State of New York millions of dollars and more each day.
Furthermore, we urge the State to reinvest divested funds into climate solutions and a socially just transition to clean energy in a prudent manner consistent with your fiduciary duty. We urge you to align our investments with New York State’s policies to keep fossil fuels in the ground and support a thriving low-carbon, renewable economy.
Sincerely,
Darlene Abbatecola
Councilmember
Town of Frankfort
Herkimer County
Francena Amparo
Legislator
Dutchess County
Howard Baker
Councilmember
Town of Marlborough
Ulster County
Tracey Bartels
Legislator
Ulster County
John Bennett
Alder
City of Cortland
Cortland County
Katrina Binkewicz
Councilmember
Town of Landing
Tompkins County
Rebecca Brenner
Deputy Supervisor
Town of Danby
Tompkins County
Kate Browning*
Legislator
Suffolk County
Christopher Cannon
Councilmember
Town of Arkwright
Chautauqua County
Molly Clifford*
Councilmember
City of Rochester
Monroe County
John Conway
Town Supervisor
Town of East Greenbush
Rensselaer County
Joseph Croce
Supervisor
Town of Plattekill
Ulster County
James Dean
Trustee
Village of Cooperstown
Otsego County
Judith Dellerba
Deputy Mayor
Village of Boonville
Oneida County
Judy Doesschate
Councilmember
City of Albany
Albany County
Margaret Duff
Trustee
Town of Geneseo
Livingston, NY County
William Elsey
Supervisor
Town of Springfield
Otsego County
David Fogel
Mayor
Village of Freeville
Tompkins County
Alexandra Gordon
Trustee
School District of Comsewogue
Suffolk County
Manna Jo Greene
Legislator
Ulster County
Frank Hagen
Deputy Mayor
Village of Suffern
Rockland County
Joan Hinman
Mayor
Village of Stamford
Delaware County
Regina Hunt*
School Board Trustee
Village of Patchogue
Suffolk County
Sarah Jones
Board Member
Town of Pine Plains
Dutchess County
Judy Kennedy
Mayor
City of City of Newburgh
Orange County
Dooley Kiefer
Legislator
Tompkins County
Jenna Koch
Council President
City of Tonawanda
Erie County
Ginger Kuenzel
Councilmember
Town of Hague
Warren County
Linda Lavine
Councilmember
Town of Dryden
Tompkins County
Scot Lueck
Councilmember
Town of Butternuts
Otsego County
Marybeth Majestic
Supervisor
Town of Gardiner
Ulster County
Jodi McCredo
Councilmember
City of Beacon
Dutchess County
Robert Meelan
Supervisor
Town of Town of Kirkland
Oneida County
William Moehle
Supervisor
Town of Brighton
Monroe County
Marc Neves
Assessor
Town of Hunter
Greene County
Louise Novros
Councilmember
Town of Brighton
Monroe County
Douglas Ostrander
Councilmember
Town of Cairo
Greene County
A. Martin Petrovic
Mayor
Village of Trumansburg
Tompkins County
Rachel Polens
Councilmember
Town of Meredith
Delaware County
David Ray
Councilmember
Town of Hyde Park
Dutchess County
Ryan Reynolds
Mayor
Village of Whitney Point
Broome County
Patricia Riddell Kent
Councilmember
Town of Oneonta
Otsego County
Thomas Roach
Mayor
City of White Plains
Westchester County
Tim Rogers
Mayor
Village of New Paltz
Ulster County
Thomas Salamone
Councilmember
School District of Minisink Valley
Orange County
Allegra Schecter
Councilmember
Town of Roseboom
Otsego County
Julie Seyfert-Lillis
Councilmember
Town of New Paltz
Ulster County
Julianne Sharratt
Councilmember
Town of Hartwick
Otsego County
Terry Skelton
Trustee
Village of Springville
Erie County
Andrew Stammel
Representative
Otsego County
Michael Stolzer
Councilman
Town of Oneonta
Otsego County
Kathleen Talbot
Councilmember
City of Peekskill
Westchester County
Ellen Tillapaugh
Trustee
Village of Cooperstown
Otsego County
Stephanie Townsend
Member, Town Board
Town of Pittsford
Monroe County
David VanLuven
Councilor
Town of Bethlehem
Albany County
Laura Walls
Deputy Supervisor
Town of Gardiner
Ulster County
Irene Weiser
Councilmember
Town of Caroline
Tompkins County
Daniel Williams
Councilman
Town of Town of Marshall
Oneida County
Gunnar Wordon
Trustee
Village of Chatham
Columbia County
John Zaccaro
Mayor
Village of Saltaire
Suffolk County
Mary Adams
Commissioner
School District of Rochester
Monroe County
Dorcey Applyrs
City Auditor
City of Albany
Albany County
Jan Baldwin
Town Clerk/Tax Collector
Town of Wirt
Allegany County
Tim Batzel
Trustee
Village of Avon
Livingston County
Robert Best
Supervisor
Town of Russell
St. Lawrence County
Hannah Black
Legislator
Dutchess County
Thomas Briggs
Legislator
Ulster County
Doug Bullock*
Legislator
Albany County
Frank Capozza
Trustee
Village of Cooperstown
Otsego County
John Codman III*
Trustee
Village of Pelham Manor
Westchester County
Robert Corby
Mayor
Village of Pittsford
Monroe County
John Crossley
Mayor
Village of Clinton
Oneida County
Anthony Del Plato
Trustee
Village of Interlaken
Seneca County
Rich DePaolo
Councilperson
Town of Ithaca
Tompkins County
Jennifer Dotson
Supervisor
City of Ithaca
Tompkins County
David Dukler
Councilmember
Town of Gardiner
Ulster County
David Englert
Mayor
Village of Sodus
Wayne County
Linda French
Supervisor
Town of Dover
Dutchess County
Jacqueline Gordon*
Councilmember
Town of Babylon
Suffolk County
Ronald Greenleaf
Supervisor
Town of Hannibal
Oswego County
Kara Hahn
Legislator
Suffolk County
Thomas Hohensee
Councilmember
Town of Otsego
Otsego County
Patricia Jacob
Councilmember
City of Oneonta
Otsego County
Jeff Katz
Mayor
Village of Cooperstown
Otsego County
TJ Kennedy*
Councilmember
City of Troy
Rensselaer County
Meg Kiernan
Supervisor
Town of Otsego
Otsego County
Jeffrey Koppelson
Trustee
Village of Poquott
Suffolk County
Donald La Forge
Supervisor
Town of Wellsville
Allegany County
Meg Lefevre
Councilor
Town of Plattsburgh
Clinton County
Mary Lupien
Councilmember
City of Rochester
Monroe County
Christian Mathiesen*
Commissioner of Public Safety
City of Saratoga Springs
Saratoga County
Cindy McFarland
Clerk
Town of Lapeer
Cortland County
Karen Mejia
Councilmember
City of Newburgh
Orange County
Deborah Mohlenhoff
Alder
City of Ithaca
Tompkins County
Ducson Nguyen
Councilmember
City of Ithaca
Tompkins County
Sean O’Brien
Trustee
Village of Canton
St. Lawrence County
Nick Page
Legislator
Dutchess County
Gerald Pietraszek
Councilmember
Town of Colden
Erie County
Marion Porterfield
Councilmember
City of Schenectady
Schenectady County
William Reinhardt
Legislator
Albany County
Frederick Ricci
Mayor
Village of East Rochester
Monroe County
Ann Rider
Supervisor
Town of Town of Enfield
Tompkins County
Edmond Roberts
Councilmember
Town of Rhinebeck
Dutchess County
Helen Rosenthal
Councilmember
City of New York
New York County
Bennett Sandler
Councilmember
Town of Otsego
Otsego County
Bill Schroeder
Trustee
Village of Lancaster
Erie County
Cheryl Shackelton
Clerk
Town of Oneonta
Otsego County
John Sherman
Mayor
Village of Schuylerville
Saratoga County
Clifford Smalley
Councilmember
Town of Franklin
Franklin County
Robert Stanley
Supervisor
Town of Shandaken
Ulster County
Charles Storms
Highway Superintendent
Town of Hardenburgh
Ulster County
Conrad Taylor
Councilmember
City of Binghamton
Broome County
Thomas Tkachuk
Councilmember
Town of Ava
Oneida County
Matthew Turnbull
Legislator
Orange County
Kathryn Vernay
Trustee
Village of Tully
Onondaga County
Jeanne Walsh
Supervisor
Town of Town of Rosendale
Ulster County
Gregory Westbrook
Councilman
Town of Canandaigua
Ontario County
Wayne Wink
Clerk
Town of North Hempstead
Nassau County
Jere Wrightsman
Board Member
Town of Austerlitz
Columbia County
Nancy Zahler
Deputy Supervisor
Town of Ulysses
Tompkins County
Chris Allen
Legislator
Ulster County
Rachelle Armstrong
Councilor
City of Plattsburgh
Clinton County
Martin Bamonto
Councilmember
City of Dunkirk
Chautauqua County
Joyce Becker
Councilmember
Town of Bethlehem
Albany County
Khalid Bey
Councilor
City of Syracuse
Onondaga County
Andrew Boggess
Board Member
Town of Olive
Ulster County
Cynthia Brock
Alder
City of Ithaca
Tompkins County
Scott Burto
Mayor
Village of West Carthage
Jefferson County
Michael Cashman
Supervisor
Town of Plattsburgh
Clinton County
R. Dale Cole
Councilmember
Town of Andes
Delaware County
Brian Cournoyer
School Board Trustee
School District of New Paltz Central
Ulster County
Joanne Cunningham
Legislator
Albany County
James Delaune
Legislator
Ulster County
Vincent DeSantis
Mayor
City of Gloversville
Fulton County
Richard Driscoll
Supervisor
Town of Newfield
Tompkins County
Christopher Eachus
Legislator
Orange County
Mary Farmer
Clerk
Town of Urbana
Steuben County
James Goldstein
Supervisor
Town of Lebanon
Madison County
Tom Grant
Councilmember
Town of Town of East Greenbush
Rensselaer County
Elizabeth Greenwood
Mayor
Village of Tully
Onondaga County
Tiffany Hamilton
Mayor
City of Hudson
Columbia County
Ruth Hopkins
Councilmember
Town of Lansing
Tompkins County
Christopher Johnson
Legislator
Westchester County
Stanley III Kaznowski
Councilmember
Town of Cheektowaga
Erie County
Donald Kerr
Trustee
Village of New Paltz
Ulster County
Kelly Kimbrough
Councilmember
City of Albany
Albany County
Gary Koutnik
Representative
Otsego County
Brad Lander
Councilmember
City of New York
New York County
Lynne Lekakis
Legislator
Albany County
Kathy Luz Herrera
Legislator
Tompkins County
Bruce Maxson
Trustee
Village of Cooperstown
Otsego County
Janet McFetridge
Trustee
Village of Champlain
Clinton County
Rosie Mendez
Councilmember
City of New York
New York County
Shawn Morse*
Mayor
City of Cohoes
Albany County
Joan Nicols
Trustee
Village of Cooperstown
Otsego County
Michael O’Hara
Alderman
City of Hudson
Columbia County
Cheryl Parisi
Trustee
Village of Farmingdale
Nassau County
Doug Plummer
Mayor
Village of Sharon Springs
Schoharie County
Christopher Pryslopski
Councilmember
Town of Rosendale
Ulster County
Michael Reynolds
Supervisor
Town of Covert
Seneca County
Darlene Rich
Clerk
Town of Shelby
Orleans County
Kari Rieser
Legislator
City of Poughkeepsie
Dutchess County
Hector Rodriguez
Legislator
Ulster County
Rebecca Rotzler
Deputy Mayor
Village of New Paltz
Ulster County
Julie Sasso
Councilmember
Town of Bethlehem
Albany County
Georgia Shafer
Councilmember
Town of Summit
Schoharie County
JoAnn Sherwood
Clerk
Town of Elmira
Chemung County
James Sofranko
Councilmember
Town of Olive
Ulster County
Debra Stapleton
Clerk
Town of Elbridge
Onondaga County
Katherine Stuligross
Representative
Otsego County
Elizabeth Thomas
Supervisor
Town of Ulysses
Tompkins County
Dr. Len Torres
Council President
City of Long Beach
Nassau County
Joel Tyner*
Legislator
Dutchess County
Greg Vogler
Board Member
Town of Austerlitz
Columbia County
Kenneth Walter*
Mayor
Village of Fort Johnson
Montgomery County
Jeremy Wilber
Supervisor
Town of Woodstock
Ulster County
Mark Witmer
Supervisor
Town of Caroline
Tompkins County
Dennis Young
Trustee
Village of New Paltz
Ulster County
Frits Zernike
Legislator
Dutchess County
Lou Allstadt*
Trustee
Village of Cooperstown
Otsego County
William Bacon
Councilmember
Town of Shelby
Orleans County
Don Barber*
Supervisor
Town of Caroline
Tompkins County
Penny Beebe
Trustee
Village of Freeville
Tompkins County
Stanley Bilinski
Clerk
Town of Salisbury
Herkimer County
Craig Brendli
Legislator
Dutchess County
Tina Brown
Legislator
Monroe County
Raymond Byrnes
Trustee
Village of East Aurora
Erie County
Rose Mary Christian
Councilmember
City of Batavia
Genesee County
Carolee Conklin
Councilmember
City of Rochester
Monroe County
Brendan Coyne
Mayor
Village of Cornwall-on-Hudson
Orange County
Chad Davis
Legislator
Oneida County
Thomas Delehanty
Clerk
Town of Hardenburgh
Ulster County
Mary Ann DiScenza
Legislator
Cortland County
Joseph Driscoll
Councilor
City of Syracuse
Onondaga County
Bob Eklund
Councilmember
Town of New Lisbon
Otsego County
Samuel Fein
Legislator
Albany County
Dorothy L Goosby
Councilmember
Town of Hempstead
Nassau County
DuWayne Gregory
Councilmember
Town of Babylon
Suffolk County
Barbara Hebert
Councilmember
City of Plattsburgh
Clinton County
John Hughes
Councilmember
Town of Rosendale
Ulster County
Ken Jones
Councilmember
Town of Greenburgh
Westchester County
David Kellogg
Supervisor
Town of Adams
Jefferson County
Jean Kessner*
Councilor-at-Large
City of Syracuse
Onondaga County
Katelyn Kriesel
Councilor
Town of Manlius
Onondaga County
Kathy Kinder
Clerk
Village of Wellsville
Allegany County
Judd Krasher*
Councilmember
City of Albany
Albany County
Kristopher LaPointe
Highway Superintendent
Town of Sennett
Cayuga County
Sarah Lister
Councilmember
Town of Potsdam
St Lawrence County
Fion MacCrea
Councilmember
Town of Alfred
Allegany County
David Mayo
Legislator
Town of Colonie
Albany County
Bill McKenna
Supervisor
Town of Woodstock
Ulster County
Jen Metzger
State Senator
Town of Rosendale
Ulster County
Steve Napier*
Councilmember
City of Cohoes
Albany County
Steven Noble
Mayor
City of Kingston
Ulster County
Tom Olenych
Clerk
Town of Scipio
Cayuga County
James Pawliczek,Sr.
Mayor
Village of Florida
Orange County
Amy Pokorny
Deputy Supervisor
Town of Knox
Albany County
Michael Queenan
Mayor
Village of Woodbury
Orange County
Michael Reynolds
Councilmember
Town of Gardiner
Ulster County
Vern Richardson
Councillor
Town of Elbridge
Onondaga County
Kerin Rigney
Councilmember
Town of DeWitt
Onondaga County
Cheryl Rogers
Clerk/Collector
Town of Taghkanic
Columbia County
Donald Sage
Councilmember
Town of Schroon
Essex County
Christopher Schaeffer
Councilmember
Town of Pomfret
Chautauqua County
Ezra Scott*
Councilmember
City of Niagara Falls
Niagara County
Darius Shahinfar
Treasurer
City of Albany
Albany County
Merton Simpson
Legislator
Albany County
Elizabeth Spinzia
Supervisor
Town of Rhinebeck
Dutchess County
Owen Steed
Legislator
Niagara County
Julie Szumigala
Clerk
Town of Sheridan
Chautauqua County
Tina Tierney
Town Board
Town of East Greenbush
Rensselaer County
Ritchie Torres
City Councilmember
City of New York
New York County
Peter Van Scoyoc
Supervisor
Town of East Hampton
Suffolk County
Giles Wagoner
Board Member
Town of Bethlehem
Albany County
Edward J. Warner Jr.
Trustee
Town of Southampton
Suffolk County
Anna Wilcox
Clerk
Town of Willet
Cortland County
Tom Wood
Councilor
Town of Plattsburgh
Clinton County
Gregory Young
Supervisor
City of Gloversville
Fulton County