To: New Jersey State Investment Council
From: Climate Revolution Action Network (CRAN)
RE: Divestment AG Announcement Testimony
I am going to be perfectly clear in my testimony today. This body, the Division of Investment, the New Jersey Treasury Department, and Treasury Secretary Elizabeth Muoio stand in blatant disregard of the climate crisis with billions of dollars worth of investments in the fossil fuel industry. Every meeting all you do is listen, say thank you, and move on with no real action.
Just to remind you: the Treasury has a fiduciary responsibility to pension holders. You are responsible for making sure state workers, teachers, police officers, firefighters, and civil servants are able to access their retirement funds and have a solid return. You haven’t. Fossil fuels have been the worst performing sector in the S&P 500 for over a decade, and since 1990 there has been 0% organic growth in the fossil fuel industry. You are burning away pensioners’ retirement funds.
You are responsible for the deaths of thousands around the globe due to the climate crisis. You are responsible for the destruction of the Jersey Shore and coastal communities, historic floods and storms that have ravaged this state. And you are responsible for the impending climate crisis.
That’s over now. We are rallying in front of the treasury right now. We are building a coalition of environmental organizations, unions, and pensioners to get this done with or without you. Next week Climate Revolution Action Network will be filing a complaint through the Attorney General’s Office for violating Executive Order 28.
We are done with your complacency. The next generation of pensioners deserve to be able to survive and live in a world where they can actually use their pension. You have taken that away from them.