New York State Comptroller Tom DiNapoli — – the office in charge of running the state pension fund on behalf of over 1 million New Yorkers — responded last night to divestment calls from New York Gov. Andrew Cuomo this week, once again noting that he does not have plans to divest. The Governor’s announcement …
REPORT I FACT SHEET New report finds fossil fuel divestment would cost the nation’s top 11 pension funds up to $4.9 trillion over the long term A first of its kind study finds public pension funds could lose trillions of dollars if they divested from fossil fuel related investments. The new report, authored by Prof. …
Over the last few years, a majority of Boards of Trustees, Administrators, and University Presidents have come to the same conclusion about fossil fuel divestment: the cost is too high and the benefits are illusory. Now, even the students pushing for divestment are throwing down their ‘fossil free’ posters and dropping out of the failing …
A new report by Prof. Hendrik Bessembinder of Arizona State University highlighting the true cost of divestment is receiving nationwide attention. The study found that transactional costs and management fees alone could cost endowments billions of dollars to rid themselves of fossil fuel investments – over and above any costs that would be incurred through …
New study quantifies for the first time significant transactional and compliance costs divested schools will be forced to bear – ones that have nothing to do with portfolio performance WASHINGTON, D.C. – Previous studies have definitively shown that divesting one’s portfolio of oil-and-gas related assets weakens investment returns over time, forcing investors to take on more risk as …
One year ago, New York City Mayor Bill de Blasio and Comptroller Scott Stringer announced the city would begin the process of examining divestment among New York City’s five pensions. Twelve months after the lackluster announcement, city leaders again cheered themselves as taking a “major step” forward: selecting the advisers it will utilize to evaluate …
In a press release that sounded more like it was written by 350.org instead of a U.S. Senator’s office, Oregon Democrat Jeff Merkley announced the introduction of a bill on Capitol Hill that would present fossil fuel divestment as an option to federal workers. Sen. Merkley introduced the bill last year as well, but it …
The New York State Comptroller’s office laid out a multitude of reasons for why they view mandated divestment as a bad idea during a marathon Finance Committee hearing on Tuesday. Up for debate was SB 2126, a pro-divestment bill sponsored by State Senator Liz Krueger who also chairs the Finance Committee. The bill would require …
On Tuesday, April 30 the New York State Senate Standing Committee on Finance will hold a public hearing to discuss the issue of divesting the New York State Common Retirement Fund from fossil fuels as outlined in recently proposed state Senate Bill S.2126. The hearing for the bill comes amid calls from select New York …
Despite a lengthy debunk of their false claims, the folks at the Institute for Energy Economics and Financial Analysis (IEEFA) are once again spreading misleading claims and misinterpreting economic research in an attempt to paint divestment as a viable choice for pension managers. This time around a new piece posted by IEEFA’s Executive Director, Tom …
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