SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
For Immediate Release
January, 24 2021, 11:00pm EDT
Contact:
Global Communications Director: global-comms@350.org
NYC Pension Funds Begin Historic Fossil Fuel Divestment
New Yorkers applaud as the NYC pension funds, led by Comptroller Stringer and Mayor de Blasio, begin to dump $4 billion invested in Exxon and other Oil & Gas corporations in a historic win for climate action.
WASHINGTON
Today, New York City's largest pension funds voted to initiate full fossil fuel divestment, selling off an estimated $4 billion of holdings in fossil fuel corporations, such as ExxonMobil. New York City's announcement fulfills its commitment to divest from fossil fuels. The city's pension funds, valued at $239 billion are the largest municipal pension funds to divest globally.
"New York City has set a new bar for climate finance action. Today's landmark action marks a bad day for Big Oil and a good day for the City's pension systems and our planet. By taking billions out of the companies that own and profit off of fossil fuels, New York City is playing an enormous role in moving the financial industry towards a greener future," said Bill McKibben, author and co-founder of 350.org.
New York City's divestment commitment, made in 2018, inspired further action worldwide. It was followed by commitments from many other large funds, including the City of London, the Norwegian Sovereign Fund, and the New York State Common Retirement Fund. Today's announcement confirms the City's commitment to divest from fossil fuels within five years.
"My family lost everything to hurricane Sandy, a climate disaster. I am so happy now to see the pension funds dump billions of dollars of investments in the likes of Exxon. We worked hard to get to this moment. Our movement is rising!" said Rachel Rivera, a Sandy survivor and member of New York Communities for Change.
"Thanks to the Comptroller, Mayor, Trustees and eight years of grassroots activism, we are finally turning the tide against the inertia of business as usual and the funding of our own demise, giving concrete hope for a more sustainable future. May this move inspire other leaders to urgently follow suit," said Lyna Hinkel, Founder, 350NYC.
Fossil fuel corporations are seen as an increasingly bad risk for portfolio managers and have underperformed financial markets for years.
"New York is a beacon of real climate leadership, as our City's pension funds divest over $4 billion from climate criminals like ExxonMobil," said Lindsay Meiman, 350.org Communications Manager and lifelong New Yorker. "We are re-engineering resilience, and if New York can do it, every single pension, university, bank, and insurer can cut ties with fossil fuels too."
The pension fund trustees vote follows previous action to hire consultants to advise the city on divestment (2018 - 2020), prepare a divestment study (2020), and ongoing fiduciary review.
"It is right and just that, in the midst of the deadly pandemic, our beloved NYC is choosing life over death and acting on its commitment to divest the pension funds from fossil fuel investments," said Marilyn Vasta, for Peoples Climate Movement NY. "For too long we have financially supported the polluters that harm us; it is time to make polluters pay as we invest in a just transition to renewable energy. Although it has taken almost a decade, from small living room meetings to a city-wide cry for divestment, the Peoples Climate Movement-NY proudly stands today with Comptroller Stringer and Mayor de Blasio, and applaud them for taking this positive step towards a fossil free future."
Divestment has exploded over the past decade from a symbolic action by small college endowments into a worldwide movement that has led to over $14 trillion worth of investment funds divesting or committing to divest from the oil, gas or coal industries.
In order to fulfill the Paris climate agreement's goals of staving off catastrophic climate change, all major finance of fossil fuels and deforestation must end by 2030.
"Humanity is engaged in an epic battle to save the planet for future generations.The enemy is fossil fuels, and every step that works toward shutting them down is critical. Kudos to NYC for doing its part," said Jordan Dale with the #DivestNY coalition and 350NJ-Rockland.
Members of the #DivestNY coalition, Comptroller Stringer, and pension fund trustees will view and join tomorrow's daily briefing held by Mayor de Blasio to detail the announcement and celebrate. The briefing can be viewed live at www.nyc.gov. It is scheduled for 10 am EST.
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.
LATEST NEWS
Grassroots Dems Pushing DNC to Adopt Ranked-Choice Voting After Mamdani's Win
One pollster argued that ranked-choice "gives a better chance to new faces, outsider candidates, people with grassroots movements, people who run positive campaigns, people who have something new to offer."
Nov 24, 2025
Progressives are hopeful that a new push for ranked-choice voting could allow for more primary races in which candidates who accurately reflect the priorities of the party’s voters rise to the top.
Ranked-choice voting (RCV), which lets voters rank candidates in order of preference rather than voting for a single one, was instrumental in the unexpected triumph of New York City Mayor-elect Zohran Mamdani in this summer’s Democratic primary.
Axios reported Monday that Democratic National Committee (DNC) Chair Ken Martin has recently met with advocates seeking to implement RCV in the party's 2028 presidential primary.
Among them were reportedly Rep. Jamie Raskin (D-Md.), pollster Celinda Lake, organizers with the nonprofit FairVote Action, and several other figures in the Democratic Party.
Raskin is a long-time advocate for ranked-choice voting. In 2019, leading up to what would be a chaotic and crowded 2020 primary, he wrote in Common Dreams, along with political organizers Adam Eichen and Rob Richie, that:
RCV is the best way to allow greater voter choice without wasted votes and unrepresentative winners...
It will help any party gain stronger nominees and provide more clarity about what voters really want going into conventions. Because voters’ backup choices matter, candidates with RCV tend to run more positive campaigns, seek common ground, and respect their opponents’ supporters.
Notably, that scenario is exactly what played out in New York City’s Democratic primary. City Comptroller Brad Lander, another progressive mayoral candidate, was able to encourage his voters to rank the more popular Mamdani without fear of splitting the votes and helping their centrist opponents.
At a time when Democratic voters have historically low levels of trust in their party's leaders, Lake told Axios that "[RCV] gives a better chance to new faces, outsider candidates, people with grassroots movements, people who run positive campaigns, people who have something new to offer. It really meets the moment."
New York City is the highest-profile practitioner of RCV, which it adopted in 2019 for party primaries. But others include Maine and Alaska, as well as cities like San Francisco and Minneapolis.
Republicans have aggressively sought to outlaw ranked-choice voting in states where they have legislative control. In 2024, Louisiana, Alabama, Mississippi, Oklahoma, and Kentucky all passed bills to outlaw RCV—bans that may hinder its implementation as a new nationwide system, even in Democratic primaries.
Meanwhile, in Colorado, Nevada, Idaho, and Oregon, voters rejected RCV during last year's elections following industry-backed pushes against it.
In a letter to the editor of the Anchorage Daily News on Sunday, a reader pointed out that President Donald Trump's calls for any Indiana lawmakers who vote against redistricting the state in the GOP's favor to be "PRIMARIED" was evidence of why RCV "is important for protecting our democratic process."
“In ranked-choice voting, no one person, nor small group of people, can keep a candidate in their party off the final ballot because they don’t agree with a particular partisan attitude,” he wrote.
In order for the DNC to implement ranked-choice voting, it would need support from its Rules and Bylaws Committee, whose members are appointed by Martin. It would also need majority support from the DNC's roughly 450 members, which include state party leaders and others elected by states. Axios reported that enthusiasm among members is mixed.
Progressive commentators have expressed excitement at the idea: "This would be a fantastic pro-democracy stance," wrote the left-wing Breaking Points co-host Krystal Ball on social media.
But others doubted that party powerbrokers, who worked behind the scenes to stop the insurgent campaigns of Sen. Bernie Sanders (I-Vt.) in 2016 and 2020, would ever implement a reform that would cede so much power to outsider candidates.
“This is a great idea,” said Sanders’ 2020 press secretary, Briahna Joy Gray. “They won’t do it.”
Keep ReadingShow Less
Tyson to Close Major Beef Facility, Shafting 3,000 Workers After Boosting Stock Buybacks
"It’s no secret that just a few years ago, packers like Tyson were making windfall profits while the rest of the industry was continuously in the red," said a Republican US senator from Nebraska.
Nov 24, 2025
Tyson Foods, the largest meat supplier in the United States, is shutting down a Nebraska beef-processing plant that employs more than 3,000 people just months after the company rewarded shareholders by boosting its dividend and ramping up stock buybacks.
The company said late last week that its decision to shutter the Lexington, Nebraska plant and scale back shifts at its Amarillo, Texas facility is "designed to right size its beef business and position it for long-term success" even as beef prices are close to record highs. The Wall Street Journal reported that Tyson and other meatpackers, which are facing federal scrutiny for allegedly colluding to drive up prices, "have been losing hundreds of millions of dollars processing beef because of the lowest amount of cattle on U.S. pastures since the 1950s."
Tyson, the latest company to cut thousands of jobs after prioritizing stock-boosting share buybacks, said it intends to provide "relocation benefits" to impacted workers, but provided no details.
"Tyson Foods recognizes the impact these decisions have on team members and the communities where we operate," the company said in a statement.
The plant in Lexington, which has a population of 11,000, is one of the largest beef-processing facilities in the United States. US Sen. Deb Fischer (R-Neb.), a member of the Senate Agriculture Committee, said in a statement that she was "extremely disappointed" by Tyson's decision to close the Lexington plant, warning it would "have a devastating impact on a truly wonderful community, the region, and our state."
"It’s no secret that just a few years ago, packers like Tyson were making windfall profits while the rest of the industry was continuously in the red," Fischer added. "As we head into the holiday season, I call on Tyson to do everything in its power to take care of the families affected by this short-sighted decision."
Tyson's announcement came days after the company said its adjusted operating income increased by 26% this fiscal year compared to 2024. The company also said it repurchased 3.5 million of its own shares for $196 million.
In early August, Tyson announced that its board "approved an increase of 43 million shares authorized for repurchase under the company’s share repurchase program."
Stock buybacks have long been associated with mass layoffs, wage stagnation, and other harms to workers.
"Tens of thousands of workers are losing their jobs in thousands of companies only because CEOs and their major stockholders want to make a quick killing by artificially jacking up the price of their stock," Les Leopold, executive director of the Labor Institute, told Common Dreams last year after mass layoffs at John Deere.
"We must always call stock buybacks for what they really are: blatant stock manipulation," he added.
Keep ReadingShow Less
‘Who Wants to Live Like This?’ Locals Fume as Meta AI Data Center Upends Entire Community
Meta is financing the data center using accounting tricks that the Wall Street Journal reports appear "too good to be true."
Nov 24, 2025
The tiny town of Holly Ridge, Louisiana will soon be home to a massive $27 billion artificial intelligence data center being built by Facebook parent company Meta that, when finished, will be the largest in the world.
However, residents of Holly Ridge do not feel honored that they are at the epicenter of Meta's ambitious data center buildout, which they say has upended their entire community.
As reported by New Orleans-based public radio station WWNO last week, the nonstop parade of trucks driving through Holly Ridge has led to a 600% increase in vehicle crashes over the last year, including three truck crashes that occurred just outside Holly Ridge Elementary School.
Penelope Hull, a fourth-grade student at the school, told WWNO that the data center construction trucks are highly disruptive to learning even on days when they don't get into accidents, as they often cause the classroom walls to shake.
"You can't pay attention," she said. "And then you get off track and you lose what the teacher was telling you to do."
Hull also said that the school has had to shut down its playground out of concern that Meta construction trucks will crash into children playing during recess.
The threat of trucks crashing into schools isn't the only problem that the data center has brought. Local residents Joseph and Robin Williams told WWNO that they've noticed their tap water is frequently rust colored since Meta started building the data center, and they say their electricity frequently goes off for hours on end with no warning.
Similar issues were documented by progressive media outlet More Perfect Union, which sent its reporters down to Holly Ridge and found residents felt their concerns were being completely ignored by both Meta and their local elected officials.
"We had no voting on it, no community meetings, no nothing," one local woman told More Perfect Union. "It was done all under the table."
Another local resident told More Perfect Union that Holly Ridge has become "totally different" ever since Meta began AI data center construction.
"Who wants to live like this?" he asked as he looked on at more construction trucks barreling through the community.
Zuckerberg is building a data center in Louisiana the size of Manhattan — while Meta runs ads about how small towns love their data centers, we found furious locals who plan to leave town completely. pic.twitter.com/xHLG4KJMLO
— More Perfect Union (@MorePerfectUS) November 19, 2025
According to a Monday report in the Wall Street Journal, the massive Meta Louisiana data center is being funded through debt that is being papered over with accounting gimmicks that the paper notes are likely "too good to be true."
Specifically, the Journal said that Meta has created a joint venture known as a variable interest entity with investment manager Blue Owl Capital, in which Meta will rent the data center for up to 20 years as a way to keep the debt from its construction off its books.
"This lease structure minimizes the lease liabilities and related assets Meta will recognize, and enables Meta to use 'operating lease,' rather than 'finance lease,' treatment," the Journal explained. "If Meta used the latter, it would look more like Meta owns the asset and is financing it with debt."
However, the report noted that Meta is relying on "some convenient assumptions" in justifying its use of this accounting tactic, some of which "appear implausible" and "are in tension with one another," which makes it hard to justify keeping debt from the data center off its books.
"Ultimately, the fact pattern Meta relies on to meet its conflicting objectives strains credibility," reports the Journal. "To believe Meta’s books, one must accept that Meta lacks the power to call the shots that matter most, that there’s reasonable doubt it will stay beyond four years, and that it probably won’t have to honor its guarantee—all at the same time."
Commenting on the Journal's story about the data center financing, Wired editor Tim Marchman described it in a post on Bluesky as "the equivalent of a 500-foot neon sign reading 'FRAUD.'"
Keep ReadingShow Less
Most Popular