senate Bill S4783

2021-2022 Legislative Session

Establishes the teachers' fossil fuel divestment act

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Civil Service And Pensions Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 13, 2021 committee discharged and committed to civil service and pensions
Feb 12, 2021 referred to higher education

Sponsor's Position

As a former teacher, I believe we must protect teacher pensions from investment in fossil fuels—which threaten the future they work to build

Co-Sponsors

view additional co-sponsors

S4783 (ACTIVE) - Details

See Assembly Version of this Bill:
A6331
Current Committee:
Senate Civil Service And Pensions
Law Section:
Education Law
Laws Affected:
Add §508-b, Ed L

S4783 (ACTIVE) - Summary

Establishes the teachers' fossil fuel divestment act; requires the New York state teachers' retirement system to divest the retirement system of any stocks, securities, equities, assets, or other obligations of corporations or companies included on an exclusion list of coal producers and oil and gas producers.

S4783 (ACTIVE) - Sponsor Memo

S4783 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4783
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 12, 2021
                                ___________
 
 Introduced  by Sen. BRISPORT -- read twice and ordered printed, and when
   printed to be committed to the Committee on Higher Education
 
 AN ACT to amend the education law, in relation to requiring the New York
   state teachers' retirement system to divest the retirement  system  of
   any  investments in corporations or companies included on an exclusion
   list of coal producers and oil and gas producers
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. This act shall be known and may be cited as the "teachers'
 fossil fuel divestment act".
   § 2. Legislative findings. 1. a. Climate change is a real and  serious
 threat  to  the  health, welfare, and prosperity of all New Yorkers, now
 and in the future. Maintaining the status  quo  of  fossil  fuel  energy
 production will lead to catastrophic results.
   b.  In  July  2019,  New  York state passed the climate leadership and
 community protection act and committed to reducing statewide  greenhouse
 gas  emissions  by eighty-five percent by 2050 and net zero emissions in
 all sectors of the economy. Other  cities  and  states  have  chosen  to
 pursue similar paths to reduce greenhouse gas emissions.
   c.  The threat of climate change, and the transformation of the global
 energy system that will be necessary to mitigate it, will have a serious
 negative impact on investors whose assets are not aligned with the  goal
 of  keeping  the  global  average temperature increase below 1.5 degrees
 Celsius, as determined by the United Nations Intergovernmental Panel  on
 Climate Change.
   d.  There  are  no existing legal or fiduciary duties that require New
 York state's pension funds to invest in energy sources that are  harmful
 to  the  environment,  or  in  contradiction to the goals of the climate
 leadership and community protection act. Rather, there  are  alternative
 investments  that are available to our pension funds that do not present
 such harms.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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