Protect the NJ State Pension Funds! Divest Fossil Fuel Investments Now! Go Fossil Free!
The financial risks that fossil fuels pose to the NJ Pension Fund are unacceptable for its beneficiaries. Many fiduciaries around the world have concluded that fossil fuel divestment is the most responsible action to protect funds and their members. We call for the NJ Pension Fund to be divested from fossil fuels!
Fossil Fuels Are Bad for Humanity.
The extraction and burning of fossil fuels put large amounts of C02 and methane into our environment. Fossil fuel use is responsible for climate change which is threatening life as we know it.
In New Jersey, the impacts of climate change will be increasingly costly. Rising sea levels menace our long coastal and river shores threatening lives, property, tourism, transportation networks, and fresh water aquifers. Rising temperatures will cause agricultural disruption, harm to our forests, and grave health impacts to residents. Extreme weather events will routinely batter us (think Superstorm Sandy). All of this causes human misery and death while costing billions of tax dollars to address the damage done.
Fossil Fuels Are Bad for the NJ Pension Funds.
The fossil fuel energy companies are no longer reliable Blue Chip stocks for its investors. In 2018, the energy sector was the worst performing in the Standard & Poor's 500. The energy sector has consistently lost money for New Jersey's pension fund in recent years and the outlook is increasingly negative given the competitive prices of renewables and the current transitioning to Electric Vehicles (EV's).
As of early 2019, more than 1,000 institutions - managing holdings worth $8 Trillion - are divesting their portfolios of fossil fuels. Norway announced (March 2019) a divestment plan for its Sovereign Wealth Fund (the largest in the world), signaling that the future is in renewables.
The long-term view is essential to the Pension Fund - to current retirees and their families, to those retiring soon, and to those with decades of remaining service and contributions. Fossil fuel divestment is simply the way to go.
PROTECT THE NJ STATE PENSION FUNDS AND ALL ITS BENEFICIARIES:
Divest Fossil Fuel Investments Now!
We the undersigned call on the NJ State Investment Council to create a fossil free portfolio by divesting from fossil fuel companies and the institutions that finance them. This will align NJ investment strategy with Governor Murphy's goal of transitioning to 100% renewable energy by 2050.