350NJ-Rockland is providing leadership to the DivestNJ Coalition which includes other major environmental groups such as NJ Sierra Club, Environment NJ, and Food & Water Watch.
We have been raising the issue of fossil fuel divestment since August 2018 to the State Investment Council (SIC) by meeting with members and speaking at public comment at their bi-monthly meetings. The SIC oversees the NJ pension portfolio, worth $90 billion.
In 2018, the energy sector was the worst performing in their portfolio (as well as in the Standard & Poor’s 500.) This sector has consistently been losing money for the pension for the last few years and has been in decline for decades now.
DivestNJ has been arguing that fossil fuels are a bad investment for pension beneficiaries and that it is time to make a divestment plan as the outlook is increasingly negative given the competitive pricing of renewables and the transition to Electric Vehicles (EVs.)
We have successfully argued for an asset allocation study of a fossil free portfolio by the SIC and we are awaiting these results. We are also recommending investment in green energy for the portfolio.
DivestNJ is circulating a petition to pension members as well as all NJ residents; click here to review and sign that petition. There are also 2 bills sitting in committee in the NJ Legislature which can be moved forward with public pressure; they are S-2128 and A-1245.
We are looking to expand our committee to work on the divestment campaign. Please contact Tina Weishaus if you want to get involved at [email protected] .