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Bill > S00954


NY S00954

NY S00954
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.


summary

Introduced
01/08/2025
In Committee
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)

Last Action

REFERRED TO CIVIL SERVICE AND PENSIONS (on 01/08/2025)

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