This spring, shareholders of the big banks are considering resolutions to push the banks to stop financing fossil fuel expansion. As major investors, State Treasurers have a critical role to play in helping to stop the flow of money to fossil fuels.
Earlier this week, the New York State Comptroller announced that their office will be supporting the No Expansion resolutions. The NYS Comptroller manages the 3rd largest pension fund in the country, with $280 billion in assets, so this announcement is an important step in our campaign.
According to the well-respected International Energy Agency (IEA), in order to contain global warming to 1.5°C, new fossil fuel construction needs to stop immediately. More fossil fuels means more climate chaos – storms, floods, heat waves, fires, crop failures, and more. Our State Treasurers can help protect their constituents by voting yes to push the banks to stop funding fossil fuel expansion.
Unlike other large investors, State Treasurers are democratically elected and accountable to their constituents – so every call and email we drive to their office really makes a difference. With the first shareholder meetings coming up on April 26, now is the time to amp up the pressure on large investors.
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