Fossil Fuel Divestment Forum

NOTICE OF PUBLIC FORUM

SUBJECT: Divesting The State Common Retirement Fund From Fossil Fuel Holdings

Senator Liz Krueger and Assembly Assistant Speaker Felix W. Ortiz have introduced S.5873/A.8011-A, the “Fossil Fuel Divestment Act.” This legislation would require the State Comptroller to divest the New York State Common Retirement Fund from all holdings in the 200 largest publicly traded fossil fuel companies, as defined by carbon content in the companies’ proven oil, gas, and coal reserves (the CU 200). Divestment from coal companies would be completed within one year; divestment from all other fossil fuel companies would be completed by January 1, 2020. The forum will be an opportunity to discuss the need for this legislation from a variety of perspectives, financial, environmental, moral, etc, as well as how New York State can play a part in the global fossil fuel divestment movement.

COMMENTS BY INVITATION ONLY

Comments should relate to fossil fuel divestment, including the following issues:

• Financial risks of continued investment in fossil fuels and advantages associated with divestment, including fiduciary responsibility, the future of the fossil fuel extraction industry, the financial outlook of ‘stranded assets,’ the performance of carbon-free investment portfolios.
• Environmental and moral arguments relating to continued investment in fossil fuel companies in a time of climate change.
• Effectiveness of divestment as a strategy to combat climate change and its interaction with broader environmental and social policy goals.
• The state of the fossil fuel divestment movement both globally and at the state, local, and institutional level.  

Persons invited to present comments at the forum should complete and return the enclosed reply form as soon as possible. It is important that the reply form be fully completed and returned so that persons may be notified in the event of an emergency postponement or cancellation.  Oral comments will be limited ten (10) minutes.  In preparing the order of speakers, the organizers will attempt to accommodate individual requests to speak at particular times in view of special circumstances. These requirements should be made on the attached reply form or communicated to the contact listed below as early as possible.

Individuals and organizations not invited to present oral comments are encouraged to submit written comments, which may be submitted via email to flagg@nysenate.gov or by mail to Justin Flagg, Office of State Senator Liz Krueger, 1850 Second Ave., Ground Floor, New York, NY 10128.

In order to meet the needs of those who may have a disability, the Legislature, in accordance with its policies of non-discrimination on the basis of disability, has made its facilities and services available to all individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford such individuals access and admission to Senate facilities and activities.