assembly Bill A1101

2023-2024 Legislative Session

Establishes the teachers' fossil fuel divestment act

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Sponsored By

Current Bill Status - In Assembly Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 13, 2023 referred to governmental employees

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Multi-Sponsors

A1101 (ACTIVE) - Details

See Senate Version of this Bill:
S899
Law Section:
Education Law
Laws Affected:
Add §508-b, Ed L
Versions Introduced in 2021-2022 Legislative Session:
A6331, S4783

A1101 (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.

A1101 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1101
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 13, 2023
                                ___________
 
 Introduced  by  M.  of  A.  KELLES, MITAYNES, THIELE, BICHOTTE HERMELYN,
   EPSTEIN, PAULIN, GONZALEZ-ROJAS, CARROLL, SIMON, MAMDANI, REYES, FAHY,
   LUPARDO, GALLAGHER, STECK, D. ROSENTHAL, CLARK,  SEAWRIGHT,  L. ROSEN-
   THAL,  KIM,  FORREST, ZEBROWSKI, CRUZ, JACKSON, BURGOS, WALKER, ZINER-
   MAN, DICKENS,  SEPTIMO,  DAVILA,  BURDICK,  STERN,  STIRPE,  ANDERSON,
   DARLING,  PRETLOW, CONRAD, JACOBSON, McMAHON, LUNSFORD, SAYEGH, RAMOS,
   COLTON,  LAVINE,  GLICK,  GIBBS,  HEVESI,  BRONSON,   BURKE,   TAYLOR,
   JEAN-PIERRE,  OTIS, DINOWITZ -- Multi-Sponsored by -- M. of A. COOK --
   read once and referred to the Committee on Governmental Employees
 
 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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03486-01-3
 A. 1101                             2