Assembly Actions -
Senate Actions - UPPERCASE
|Jan 09, 2023||
referred to civil service and pensions
Senate Bill S899
2023-2024 Legislative Session
Current Bill Status - In Senate Committee Civil Service And Pensions Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2023-S899 (ACTIVE) - Details
2023-S899 (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.
2023-S899 (ACTIVE) - Sponsor Memo
BILL NUMBER: S899 SPONSOR: BRISPORT TITLE OF BILL: 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 SUMMARY OF PROVISIONS: Section 1 defines the legislation as the "Teachers' Fossil Fuel Divest- ment Act." Section 2 sets forth the legislative findings. Section 3 amends the education law, by adding new section 508-b, and sets forth the criteria for the New York State Teachers' Retirement System to divest from fossil fuels. Section 4 sets forth the effective date.
2023-S899 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 899 2023-2024 Regular Sessions I N S E N A T E January 9, 2023 ___________ Introduced by Sens. BRISPORT, ADDABBO, BAILEY, BROUK, CLEARE, COMRIE, COONEY, GIANARIS, HARCKHAM, HINCHEY, HOYLMAN, JACKSON, KRUEGER, MAY, MAYER, MYRIE, PARKER, RAMOS, RIVERA, SALAZAR, SANDERS, SEPULVEDA, SERRANO, SKOUFIS -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03486-01-3
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