February 10, 2018
Washington: Re Scott Stringer’s Op-Ed, “Don’t believe the fossil fuel-funded campaign against pension divestment” (Feb. 6) : The collective decision by Mayor Bill de Blasio and Controller Stringer to divest New York City’s pension funds of energy stocks is a farce. It is purely a political stunt and will do nothing to address the shared challenge of climate change. Nowhere in Stringer’s Op-Ed did he mention the critical state of NYC’s public pension funds. In fact, none of the city’s five pension plans are fully funded. That is an undisputed fact disclosed in each of the fund’s annual reports. New York’s own Suffolk County Association of Municipal Employees has reported that the State Common Retirement Fund alone could lose $2.8 billion over 20 years if the state pursues a divestment strategy. Why should the city expect to fare any better? Stringer only underscores the misguided approach city officials are taking to mitigate the effects of climate change. Their divestment strategy, coupled with the frivolous lawsuit filed against energy manufacturers, are only a waste of time and resources that could otherwise be used for finding real solutions. New Yorkers shouldn’t stand for it.
Jay Timmons, President & CEO, National Association of Manufacturers