Enacts the "cobalt and lithium mining and production divestment act" to prevent monies or assets of the common retirement fund from being invested in the stocks, securities or other obligations of any institution or company engaging in cobalt and lithium mining or production for the manufacture of batteries used in large-scale battery storage power stations and the primary propulsion systems for electric vehicles, if such company cannot establish through approved independent monitoring that their mining operation does not use child labor and that adult miners and other workers are employed under conditions that meet accepted criteria.
S T A T E O F N E W Y O R K
________________________________________________________________________
6391
2025-2026 Regular Sessions
I N A S S E M B L Y
March 4, 2025
___________
Introduced by M. of A. PALMESANO, ANGELINO, BENDETT, BLANKENBUSH, DeSTE-
FANO, GALLAHAN, JENSEN, McDONOUGH, TAGUE -- read once and referred to
the Committee on Governmental Employees
AN ACT to amend the retirement and social security law, in relation to
enacting the "cobalt and lithium mining and production divestment act"
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Short title. This act shall be known and may be cited as
the "cobalt and lithium mining and production divestment act".
§ 2. The retirement and social security law is amended by adding a new
section 423-d to read as follows:
§ 423-D. INVESTMENT OF CERTAIN PUBLIC FUNDS IN COMPANIES INVOLVED IN
COBALT AND LITHIUM MINING AND PRODUCTION. 1. FOR THE PURPOSES OF THIS
SECTION, "COBALT AND LITHIUM MINING AND PRODUCTION" SHALL MEAN EXPLORA-
TION, EXTRACTION, DRILLING, PRODUCTION, REFINING, PROCESSING OR DISTRIB-
UTION ACTIVITIES RELATED TO COBALT AND LITHIUM, FOR THE MANUFACTURE OF
BATTERIES USED IN LARGE-SCALE BATTERY STORAGE POWER STATIONS AND THE
PRIMARY PROPULSION SYSTEMS FOR ELECTRIC VEHICLES, INCLUDING, BUT NOT
LIMITED TO, CARS, TRUCKS AND BOATS.
2. (A) NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, ON OR
AFTER THE EFFECTIVE DATE OF THIS SECTION, NO MONIES OR ASSETS OF THE
COMMON RETIREMENT FUND SHALL BE INVESTED IN THE STOCKS, SECURITIES OR
OTHER OBLIGATIONS OF ANY INSTITUTION OR COMPANY ENGAGING IN COBALT AND
LITHIUM MINING OR PRODUCTION FOR THE MANUFACTURE OF BATTERIES USED IN
LARGE-SCALE BATTERY STORAGE POWER STATIONS AND THE PRIMARY PROPULSION
SYSTEMS FOR ELECTRIC VEHICLES, IF SUCH COMPANY CANNOT ESTABLISH THROUGH
APPROVED INDEPENDENT MONITORING THAT THEIR MINING OPERATION DOES NOT USE
CHILD LABOR AND THAT ADULT MINERS AND OTHER WORKERS ARE EMPLOYED UNDER
CONDITIONS THAT MEET ACCEPTED CRITERIA UNDER INTERNATIONAL STANDARDS
SUCH AS THE CONVENTIONS OF THE INTERNATIONAL LABOR ORGANIZATION.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03335-01-5
A. 6391 2
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