Climate Change Is An Existential Threat

 

The extraction and burning of fossil fuels (oil, gas and coal) has put large amounts of dangerous greenhouse gasses (CO2, methane and others) into our environment. These greenhouse gasses have heated and overheated our planet to such an extent that climate change has become an existential threat to humanity.  The earth is approaching multiple tipping points that will be irreversible. 

 

Since 2011 when 350.org initiated a worldwide divestment campaign, people have been demanding fossil fuel divestment from their faith groups, universities, wealth funds, local and state governments and even from their countries.  Divestment is the demand to stop investing in fossil fuel companies and banks that fund them.  This has turned into a powerful movement globally and is now materially contributing to the decline of the fossil fuel energy sector.  More than 1,600 portfolios of major institutions holding  more than $41 Trillion in assets have already committed to fossil fuel divestment, including the World Council of Churches, University of California and even Ireland.  

 

DivestNJ Coalition Was Started in Early 2018

 

The DivestNJ Coalition was started in early 2018 calling for an end to fossil fuel investment by the New Jersey State Pension Fund.  The Fund provides retirement benefits for 800,000 state, county and local government and school district employees and their families.  Member contributions and taxpayer dollars fund the investments of the State portfolio. 

 

DivestNJ worked on the original legislation to mandate divestment with Assemblyman John McKeon and Senator Bob Smith which was introduced in March 2018. This legislation calls upon the State Investment Council (SIC) which oversees the pension plan investments to divest from the top 200 oil, gas and coal companies.  The current bill in the Senate is S198 and has been released from the Senate Energy and Environment Committee and is currently sitting in the Budget and Appropriations Committee.  Senator Sarlo chairs this Committee and he has not brought it up for a hearing or a vote. 

Speaking Out at the State Investment Council (SIC)

​

Since September 2018 divestment activists have been attending the SIC meetings in Trenton and speaking out on fossil fuel divestment.. We have continued to raise the issue at quarterly SIC meetings as the science and economics of continuing to burn fossil fuels could not be clearer.  The future of fossil fuel demand is shrinking and the value of these investments are unsustainable to the portfolio and the planet.

​

Going Forward

​

Our Coalition is expanding and we look forward to working with new people and new organizations that support the demand for the SIC to divest of fossil fuels companies.  The risks of climate change are unacceptable both in terms of economic and human survival.  Please get involved TODAY!