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Bill > S00954
NY S00954
NY S00954Establishes 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.
summary
Introduced
01/08/2025
01/08/2025
In Committee
01/08/2025
01/08/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
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
AI Summary
This bill establishes the Teachers' Fossil Fuel Divestment Act, which requires the New York State Teachers' Retirement System to divest from companies that are significant producers of coal and oil/gas. Specifically, the bill mandates the retirement system to create an exclusion list of coal and oil/gas producers, defined as companies that derive at least 10% of annual revenue from thermal coal production or 20% from oil/gas production, or account for more than 1% of global production in those sectors. The retirement system must divest from these companies within one to two years, depending on the type of fossil fuel producer, with private equity investments allowed up to five years for divestment. The bill emphasizes that this divestment is consistent with New York's climate goals, particularly the Climate Leadership and Community Protection Act, and argues that continued investment in fossil fuel companies poses financial risks and contradicts the state's environmental objectives. The legislation allows for some flexibility, such as investing in index funds with less than 1% exposure to fossil fuel companies, and requires annual reporting on divestment progress. The bill is grounded in findings that climate change threatens New Yorkers' health and prosperity, and that many other institutional investors have already chosen to divest from fossil fuel companies.
Committee Categories
Labor and Employment
Sponsors (27)
Jabari Brisport (D)*,
Joe Addabbo (D),
Jamaal Bailey (D),
Samra Brouk (D),
Cordell Cleare (D),
Leroy Comrie (D),
Jeremy Cooney (D),
Patricia Fahy (D),
Nathalia Ferna´ndez (D),
Michael Gianaris (D),
Kristen Gonzalez (D),
Pete Harckham (D),
Michelle Hinchey (D),
Brad Hoylman (D),
Robert Jackson (D),
Liz Krueger (D),
Rachel May (D),
Shelley Mayer (D),
Zellnor Myrie (D),
Kevin Parker (D),
Jessica Ramos (D),
Gustavo Rivera (D),
Julia Salazar (D),
James Sanders (D),
Luis Sepúlveda (D),
Jose Serrano (D),
James Skoufis (D),
Last Action
REFERRED TO CIVIL SERVICE AND PENSIONS (on 01/08/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://www.nysenate.gov/legislation/bills/2025/S954 |
BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S00954&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S00954 |
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