July, 15 2020, 12:00am EDT
New York State's Pension Fund Divests from 22 Coal Companies
Advocates thank Comptroller DiNapoli, urge faster action on remaining billions of fossil fuel investment.
WASHINGTON
This week, New York State Comptroller announced that the New York State Common Retirement Fund, with assets totaling more than $200 billion, has divested from nearly two dozen thermal coal companies, valued at nearly $90 million. The divestment comes after a review was initiated by the Comptroller's office in January. Now, with strong momentum behind the Fossil Fuel Divestment Act (S.2126/A.1536), advocates believe this completed review and divestment action represents a big step forward for the pension fund.
"This is a tangible and positive move by the Comptroller and represents a shift in his approach," said Dominique Thomas with 350.org. "There's obviously no future in thermal coal and the Comptroller has recognized this and moved the pension fund for over 1 million New Yorkers out of this financially risky and destructive industry."
The demand to #DivestNY's pension funds launched the day after Superstorm Sandy devastated New York nearly eight years ago. Members of the intergenerational #DivestNY coalition have garnered significant support for the Fossil Fuel Divestment Act, which currently has nearly 100 sponsors across the state senate and assembly, gaining dozens of new sponsors in recent months. The Act, which is the most advanced divestment legislation in the US, directs the Comptroller, in line with his fiduciary responsibility, to divest the pension fund from all fossil fuels.
"Comptroller DiNapoli's decision to divest NYS Pension Funds from 22 coal companies is a great first step on New York's road to protect the assets of the fund and the environment. In order to build on the progress and ensure a bright future for New Yorkers, full divestment from all fossil fuel companies is obviously the next step. The time has come to pass the Fossil Fuel Divestment Act," said Assistant Speaker Felix W. Ortiz and lead Assembly sponsor of the Act.
As of the fund's latest public disclosure, the pension had more than $12 billion invested in fossil-fuel-related companies. In recent years, these investments have severely underperformed the rest of the stock market and dragged down overall performance of the fund. The fund has more than $4 billion invested in shale and fracking companies, many of which are facing imminent bankruptcy due to heavy debt loads and unfunded environmental liabilities.
"The need for full fossil fuel divestment continues, as the fund remains very exposed to tar sands, fracking and other oil and gas companies and the clock is ticking. We see the Comptroller's leadership move on thermal coal companies as a great stepping stone to addressing the larger problem of risky fossil fuel investments. There's no doubt that momentum is increasing to fully DivestNY and we hope to work with the Comptroller to do so," added Jordan Dale with 350 NJ Rockland.
To date, more than 1240 institutions globally with assets over $14 trillion have committed to divest from fossil fuels. In recent weeks, Cornell, Vermont and George Washington Universities have announced divestment, following on the University of California completing divestment of its $85 billion pension and endowment funds. In 2018, New York City announced its commitment to divest its massive pension funds from fossil fuels, and is on track to complete this by 2023.
Going forward, the #DivestNY coalition will continue to push for full divestment of the New York State Common Retirement Fund, particularly tar sands, fracking, oil service and pipeline companies and Arctic oil drillers, as laid out in the Fossil Fuel Divestment Act which mandates this within five years of passage into law.
QUOTE SHEET
"We applaud Comptroller DiNapoli's action on divesting from coal and look forward to similar action to reduce the risk from climate change from the rest of the pension fund," - Mark Dunlea of PAUSE (People of Albany United for Safe Energy).
"As a beneficiary of the Common Retirement Fund, I support the Fossil Fuel Divestment Act and I am very happy to see Comptroller DiNapoli taking steps toward divestment of the fund from all fossil fuel investments. I look to Comptroller DiNapoli to be a leader in protecting pension recipients and our climate future." - Mona Perrotti Indivisible Mohawk Valley, Co-Chair, Climate Crisis Working Group.
"Although we commend Comptroller DiNapoli's decision to divest from over 20 coal companies, we urge him to fully divest the Common Retirement Fund away from all fossil fuels. With the world now on track to hit 1.5 degrees Celsius of warming by 2024, my generation and future generations to come simply cannot afford any further delay." - Hridesh Singh, Executive Director for the New York Youth Climate Leaders.
"We acknowledge Comptroller DiNapoli's divestment from several coal companies and thank him for taking this first step in decarbonizing the CRF and protecting the retirement funds of State workers. We remain hopeful that the Comptroller has recognized the need to divest from these risky and harmful investments and will soon follow suit with the oil and gas sector of the portfolio. " - Dorian Fulvio, 350NYC Steering Committee member.
To view this press release online, visit: https://350.org/press-release/nys-coal-divestment-win/
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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Holiday Season Ultimatum From Amazon Workers: Bargain or We Strike!
"If Amazon chooses to ignore us, they’re the ones ruining Christmas for millions of families. We’re not just fighting for a contract; we’re fighting for the future of worker power at Amazon and beyond."
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Workers at a Amazon warehouse and delivery center in New York announced approval of strike authorizations on Friday, giving the retail giant—who have refused to negotiate for months—until Sunday to come to the bargaining table or risk a major work stoppage at the height of the holiday shopping season.
The unions representing Amazon workers at two New York City facilities—the JFK8 warehouse on Staten Island and the DBK4 delivery center in Queens—cited the company's "illegal refusal to recognize their union and negotiate a contract" to address low wages and dangerous working conditions as the reason for the strike authorization.
"We just want what everyone else in America wants—to do our jobs and get paid enough to take care of ourselves and our families. And Amazon isn't letting us do that."
"Amazon is pushing its workers closer to the picket line by failing to show them the respect they have earned," said Teamsters General President Sean M. O’Brien in a statement. "We've been clear: Amazon has until December 15 to come to the table and bargain for a contract. If these white-collar criminals want to keep breaking the law, they better get ready for a fight."
The workers are demanding:
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- Job security and protection from arbitrary firings.
- Dignity and respect for all employees.
In June, over 5,500 workers at JFK8—who first voted in favor of creating a union in 2022—joined the Teamsters and chartered the Amazon Labor Union (ALU)-IBT Local 1. Despite consolidating their organizing strength with the backing of the Teamsters, Amazon management has dragged their feet on bargaining a first contract, hardly surprising given the company's long-standing hostility to organized labor.
"Amazon's refusal to negotiate is a direct attack on our rights," said Connor Spence, president of ALU-IBT Local 1, on Friday. "If Amazon chooses to ignore us, they’re the ones ruining Christmas for millions of families. We’re not just fighting for a contract; we’re fighting for the future of worker power at Amazon and beyond."
Rank-and-file members said their demands are reasonable, especially as the company—owned by the world's second-richest man, Jeff Bezos—continues to rake in massive profits year after year as one of the world's largest companies.
"We aren't asking for much," said James Saccardo, a worker at JFK8. "We just want what everyone else in America wants—to do our jobs and get paid enough to take care of ourselves and our families. And Amazon isn't letting us do that."
In Queens, where Amazon workers at DBK4—the corporation's largest delivery station in the city—voted nearly unanimously to authorize a strike of their own.
"Driving for Amazon is tough," said Luc Rene, a driver who works out of DBK4. "What's even tougher is fighting a mega-corporation that constantly breaks the law and games the system. But we won't give up."
"Every horror story you read about Amazon is true, but worse," said Justine, a warehouse worker in New York in a video produced by More Perfect Union.
BREAKING: Amazon workers in NYC are going on strike right before Christmas — the company's busiest time.
The first unionized Amazon warehouse is going to shut down in a historic walkout.
Workers plan to hit the company where it hurts to win their first union contract. pic.twitter.com/CwnrRWg4be
— More Perfect Union (@MorePerfectUS) December 13, 2024
A strike at this time of year, the busiest for the retail giant, reports labor correspondent Jessica Burbank for Drop Site News, "would hit them where it hurts. The scale of the strike would be unprecedented, including the major hubs of New York and San Bernadino, California."
According to Burbank:
Amazon now has a workforce of over 700,000, making it the largest employer of warehouse workers in the nation. If a contract is won at these initial 20 bargaining units, it has the potential to impact working conditions for thousands of workers, and inspire union organizing efforts at Amazon facilities across the country.
For Amazon workers who voted to unionize their warehouses in March of 2022, this has been a long time coming. “Thousands of Amazon workers courageously cast their ballots to form a union at JFK8 in Staten Island,” Smalls said in a text. “We shocked the world, we had won against a corporate giant and hoped that step would propel us forward to help create a better workplace.” For years, Amazon stalled on recognizing the union, and has not yet met union representatives at the negotiating table.
Smalls said, “I’m excited to see workers take control, take the next step and move even further down the path to victory when they exercise their right to strike.” He continued, “We celebrated as we inspired thousands of others to hope for the same.”
Sen. Bernie Sanders (I-Vt.) on Saturday issued his support for the union workers.
"Amazon delivery drivers and warehouse workers deserve decent wages, benefits and working conditions—and the right to form a union," said Sanders. "I strongly support the thousands of Amazon workers who will go on strike tomorrow if Amazon doesn't end its illegal union busting."
The workers at JFK8 said people could support the union's effort in various ways "at this critical time," including:
- Donate to the Solidarity Fund: Help workers sustain their fight by contributing to the strike fund.
- Show Up on the Picket Line: Join workers at JFK8 to demonstrate solidarity and hold Amazon accountable for their illegal refusal to negotiate a union contract.
- Spread the Word: Use social media and local networks to raise awareness about the workers’ struggle and the importance of their fight for justice at Amazon.
- Contact Elected Officials: Urge representatives to publicly support JFK8 workers and pressure Amazon to negotiate in good faith.
- Sign the Petition: Stand with Amazon workers and demand that Amazon guarantee a safe return to work, free of harassment and retaliatory disciplinary action, to all workers participating in protected collective action.
For his part, former labor secretary and economist Robert Reich said he had no sympathy for the retail giant's refusal to bargain in good faith with the workers who make its business model possible.
"Amazon had $15 billion in profits last quarter," said Reich. "Don't tell me they can't afford to bargain a fair contract."
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Bernie Sanders talks about the oligarchy
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Ryan Cooper, managing editor at The American Prospect, warned that "they want your kids dead."
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Multiple critics altered Trump's campaign slogan to "Make Polio Great Again."
U.S. Sen. Elizabeth Warren (D-Mass.) responded with a video on social media:
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