April, 16 2019, 12:00am EDT
350.org on New York Decarbonization Panel Report Release
Report suggests fossil fuel divestment by another name
Albany, NY
A long-awaited report released today from New York State's Decarbonization Panel, suggests the management of New York State $200 billion state pension fund urgently overhaul its investments with new standards to reduce financial risk associated with climate change, and ensure all investments align with and support a livable future in the era of climate change.
On the report, Cata Romo with 350.org Fossil Free New York organizer said:
"There's no room for fossil fuel investments in a Green New Deal. Call it divestment, call it decarbonization, call it Minimum Standards -- this report urges what New Yorkers have been demanding since Superstorm Sandy. Comptroller DiNapoli must divest from toxic fossil fuel companies knowingly perpetuating climate chaos. The litmus test is if Exxon and Peabody Coal are in the portfolio at the end of the day."
The report rightly recommends a different suite of managers, new investment vehicles and rapid assessment of risk and setting minimum standards to align with the scientific consensus.
The panel also recommends the fund establish criteria for exclusion, called "Minimum Standards" based on the science of 1.5 degrees -- requiring a transformative shift off fossil fuels by 2030. This means any coal company building new coal plants, any fossil fuel company drilling new wells, would be excluded.
The recommendations include a strong suggestion to orient the portfolio towards climate solutions -- something the divestment movement has been calling on the fund to do for years. Additionally, the report criticizes shareholder engagement without consequences, concluding and suggesting the fund no longer own securities in companies that do not meet and are not making progress toward the "Minimum Standards."
Former SEC Commissioner and panel member Bevis Longstreth notes, "the risk of the Fund of being too early in decarbonizing is far less than the risk of being too late. And the time is fast approaching when holding FF-Dependent Companies will be as imprudent as holding whale industry stocks was after kerosene replaced whale oil for lighting...The risks of remaining invested in FF-Dependent Companies, including coal, oil and gas companies and other industry sectors especially impacted by the energy transition...are today large and growing larger swiftly."
The fund has over $1.1 billion invested in more than 25 companies with significant coal assets. Based on its investments in these companies, the fund owns and is responsible for the carbon footprint of 17.2 million tons of coal reserves, the equivalent annual CO2 emissions from 6.6 million cars, greater than the emissions from the state of Connecticut.
The panel's report comes as ahead of the April 30th legislative hearing on the Fossil Fuel Divestment Act. co-chaired by Senators Liz Krueger and Assemblyman Felix Ortiz
350 is building a future that's just, prosperous, equitable and safe from the effects of the climate crisis. We're an international movement of ordinary people working to end the age of fossil fuels and build a world of community-led renewable energy for all.
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Despite 100% Pentagon Audit Failure Rate, House Passes $883.7 Billion NDAA
"Instead of fighting the rising cost of healthcare, gas, or groceries, this Congress prioritized rewarding the wealthy and well-connected military-industrial complex," said Defense Spending Reduction Caucus co-chairs.
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Despite the Pentagon's repeated failures to pass audits and various alarming policies, 81 Democrats in the U.S. House of Representatives voted with 200 Republicans on Wednesday to advance a $883.7 billion annual defense package.
The Servicemember Quality of Life Improvement and National Defense Authorization Act (NDAA) for Fiscal Year 2025, unveiled by congressional negotiators this past Saturday, still needs approval from the Senate, which is expected to vote next week. U.S. Sen. Bernie Sanders (I-Vt.) said Wednesday that he plans to vote no and spoke out against the military-industrial complex.
The push to pass the NDAA comes as this congressional session winds down and after the U.S. Department of Defense (DOD) announced last month that it had failed yet another audit—which several lawmakers highlighted after the Wednesday vote.
Reps. Mark Pocan (D-Wis.) and Barbara Lee (D-Calif.), co-chairs and co-founders of the Defense Spending Reduction Caucus, said in a joint statement, "Time and time again, Congress seems to be able to find the funds necessary to line the pockets of defense contractors while neglecting the problems everyday Americans face here at home."
"Instead of fighting the rising cost of healthcare, gas, or groceries, this Congress prioritized rewarding the wealthy and well-connected military-industrial complex with even more unaccountable funds," they continued. "After a seventh failed audit in a row, it's disappointing that our amendment to hold the Pentagon accountable by penalizing the DOD's budget by 0.5% for each failed audit was stripped out of the final bill. It's time Congress demanded accountability from the Pentagon."
"While we're glad many of the poison pill riders that were included in the House-passed version were ultimately removed from the final bill, the bill does include a ban on access to medically necessary healthcare for transgender children of service members, which will force service members to choose between serving their country and getting their children the care they need," the pair noted. "The final bill also failed to expand coverage for fertility treatments, including in vitro fertilization (IVF), for service members regardless of whether their infertility is service-connected."
Several of the 124 House Democrats who voted against the NDAA cited those "culture war" policies, in addition to concerns about how the Pentagon spends massive amounts of money that could go toward improving lives across the country.
"Once again, Congress has passed a massive military authorization bill that prioritizes endless military spending over the critical needs of American families. This year's NDAA designates $900 billion for military spending," said Rep. Ilhan Omar (D-Minn.), noting the audit failures. "While I recognize the long-overdue 14.5% raise for our lowest-ranking enlisted personnel is important, this bill remains flawed. The bloated military budget continues to take away crucial funding from programs that could help millions of Americans struggling to make ends meet."
Taking aim at the GOP's push to deny gender-affirming care through TRICARE, the congresswoman said that "I cannot support a bill that continues unnecessary military spending while also attacking the rights and healthcare of transgender youth, and for that reason, I voted NO."
As Omar, a leading critic of the U.S.-backed Israeli assault on the Gaza Strip, also pointed out: "The NDAA includes a provision that blocks the Pentagon from using data on casualties and deaths from the Gaza Ministry of Health or any sources relying on those statistics. This is an alarming erasure of the suffering of the Palestinian people, ignoring the human toll of ongoing violence."
Israel—which receives billions of dollars in annual armed aid from the United States—faces a genocide case at the International Court of Justice and the International Criminal Court last month issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Israeli Defense Minister Yoav Gallant. The NDAA includes over $627 million in provisions for Israel.
Congresswoman Delia Ramirez (D-Ill.), who voted against the NDAA, directed attention to U.S. President-elect Donald Trump's proposed Department of Government Efficiency (DOGE), set to be run by billionaires Elon Musk and Vivek Ramaswamy.
"How do we know that DOGE is not a good-faith effort to address wasted funding and unaccountable government? The NDAA passed today," Ramirez said. "Republicans overwhelmingly supported the $883.7 billion authorization bill even though the Pentagon just failed its seventh audit in a row."
"Billions of dollars go to make defense corporations and their investors, including Members of Congress, rich while Americans go hungry, families are crushed by debt, and bombs we fund kill children in Gaza," she added. "No one who voted for this bill can credibly suggest that they care about government waste."
Rep. Ro Khanna (D-Calif.), who also opposed the NDAA, wrote in a Tuesday opinion piece for MSNBC that he looks forward to working with DOGE "to reduce waste and fraud at the Pentagon, while strongly opposing any cuts to programs likeSocial Security, Medicare, the Department of Veterans Affairs, or the Consumer Financial Protection Bureau."
"We should make defense contracting more competitive, helping small and medium-sized businesses to compete for Defense Department projects," Khanna argued. "The Defense Department also needs better acquisition oversight. Defense contractors have gotten away with overcharging the Pentagon and ripping off taxpayers for too long."
"Another area where we can work with DOGE is reducing the billions being spent to maintain excess military property and facilities domestically and abroad," he suggested. "Finally, DOGE can also cut the Nuclear-Armed Sea-Launched Cruise Missile program."
The congressman, who is expected to run for president in 2028, concluded that "American taxpayers want and deserve the best return on their investment. Let's put politics aside and work with DOGE to reduce wasteful defense spending. And let's invest instead in domestic manufacturing, good-paying jobs, and a modern national security strategy."
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