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For Immediate Release
December, 08 2020, 11:00pm EDT
Contact:
Thomas Oppel
(603) 304-6767
toppel@asbcouncil.org
American Sustainable Business Council Celebrates NY State Pension Fund Move to Divest from Fossil Fuels
Following years of campaigning, American Sustainable Business Council (ASBC) and other members of the DivestNY coalition are celebrating today's climate win: New York State's decision to begin divesting its $226 billion pension fund - the world's largest - from fossil fuels in the next four years. "We are delighted to know that NY State will start divestiture from the most concerning oil and gas companies near-term and will decarbonize the entire fund by 2040, and we're proud to have helped in DivestNY's vital climate campaign toward this goal," says ASBC President David Levine.
WASHINGTON
Following years of campaigning, American Sustainable Business Council (ASBC) and other members of the DivestNY coalition are celebrating today's climate win: New York State's decision to begin divesting its $226 billion pension fund - the world's largest - from fossil fuels in the next four years. "We are delighted to know that NY State will start divestiture from the most concerning oil and gas companies near-term and will decarbonize the entire fund by 2040, and we're proud to have helped in DivestNY's vital climate campaign toward this goal," says ASBC President David Levine. "On behalf of the 250,000-plus responsible business leaders and investors ASBC represents, we applaud the NY State Comptroller for this significant move and the example it sets for the rest of our country."
The comptroller's office, custodian of the state's $226 billion pension fund, will initiate measures to decarbonize the pension fund's portfolio entirely by 2040, with interim targets. It will complete a systematic review of all fossil fuel investments within four years, including divesting from any companies lacking a plan to leave fossil fuels behind, which would include aligning with the Paris Climate Agreement and transitioning away from oil and gas production, servicing or transport. The state will provide news updates each time it undertakes and completes review of a particular investment, plus annual in-depth reports on implementation. It will also engage more rigorously with companies' leadership, including voting against board directors of non-fossil fuel companies that fail to take climate action in line with the fund's decarbonization goal.
"Like New York's ban on fracking, this move will earn global acclaim and makes good economic sense," says New York Sustainable Business Council Executive Director Bob Rossi. "While the future of fossil fuel investments looks grim, the clean energy sector is booming with tech innovation and accelerating popular demand. New York should capitalize on this energy transition. We applaud Comptroller DiNapoli and urge him to take a step further: reinvest our pension fund specifically in the growing renewable energy business community based here in New York State. This would ensure their success."
ASBC member Ron Gonen, CEO of Closed Loop Partners, agrees. "This comprehensive climate action plan is a step in the right direction. Wasteful, extractive businesses cost taxpayers money and fuel an inefficient, linear, take-make-waste economy. Decarbonizing and dematerializing our economy is critical to create a more sustainable, circular economy that reduces waste and protects the environment."
"As the economic risks from climate change mount, it's clear we need strong, responsible action by government, business and investors," ASBC's Levine concludes. "If we redirect our considerable investment assets out of fossil fuels and into the many sectors that foster a more equitable, sustainable economy, we'll have an economy with returns we can truly live with."
Read more about the announcement in the DivestNY Coalition media release.
The American Sustainable Business Council (ASBC) advocates for policy change and informs business owners, policymakers and the public about the need and opportunities for building a vibrant, broadly prosperous, sustainable economy. Founded in 2009, its membership represents over 250,000 businesses in a wide range of industries.
(202) 660-1455LATEST NEWS
Third Death Tied to Texas Abortion Ban as 'Stigma and Fear' Disrupt Miscarriage Care
"The only reason she is not with us is because of Donald Trump, Greg Abbott, and every single Republican politician who helped put Texas' abortion ban in place," said one advocacy group.
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Friends and family of Porsha Ngumezi, a 35-year-old mother of two in Houston, were stunned last year to learn that she had died in a hospital after suffering a miscarriage when she was 11 weeks pregnant—and medical experts who spoke to the investigative outlet ProPublicaon Monday had the same reaction.
"All she needed was a [dilation and curettage]," one friend told Ngumezi's grieving husband, Hope Ngumezi, referring to a standard procedure which is often given to pregnant patients who have first-trimester miscarriages. Commonly called a D&C, it is also diagnose or treat other health conditions and provide abortion care.
Dr. Daniel Grossman, an obstetrics and gynecology professor at University of California, San Francisco, toldProPublica that "at every point" of Ngumezi's visit to Houston Methodist Sugar Land, a hospital outside Houston, medical providers' response to her case was "kind of shocking."
"She is having significant blood loss and the physician didn't move toward aspiration," Grossman told ProPublica.
Like at least two other Texas women—Nevaeh Crain and Josseli Barnica—Ngumezi's death in June 2023 was the result of the abortion ban that went into effect in Texas in 2022, according to medical experts who reviewed her case.
Ngumezi arrived at the hospital on June 11, 2023 after experiencing heavy bleeding 11 weeks into her pregnancy with her third child. Doctors noted that Ngumezi had a blood-clotting disorder and that she was experiencing "significant bleeding" with large clots.
"Doctors assume that a D&C is not standard in Texas anymore, even in cases where it should be recommended. People are afraid: They see D&C as abortion and abortion as illegal."
An ultrasound showed a "sac-like structure," but no fetus or cardiac activity were detected, indicating that she was having a miscarriage.
But instead of providing a D&C, in which a small tube is inserted into the uterus to gently remove any remaining fetal tissue, doctors took a "wait-and-see approach [that] has become more common under abortion bans," according to the medical experts who spoke to ProPublica.
Dr. Gabrielle Taper, who has worked as an OB-GYN in Austin, told ProPublica that since Texas' abortion ban went into effect in 2022—two months after the right-wing majority on the U.S. Supreme Court overturned Roe v. Wade—there has been "much more hesitation [among doctors] about: When can we intervene, do we have enough evidence to say this is a miscarriage, how long are we going to wait, what will we use to feel definitive?"
For Ngumezi, that hesitation meant that Dr. Andrew Ryan Davis, the obstetrician on duty, prescribed misoprostol to help Ngumezi pass the fetal tissue without a D&C.
Dr. Alison Goulding, another OB-GYN in Houston, told ProPublica that because misoprostol can also be used for women in labor or to treat postpartum bleeding, under Texas' abortion ban, "stigma and fear are there for D&Cs in a way that they are not for misoprostol."
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But more than a dozen doctors told ProPublica that considering Ngumezi's blood-clotting disorder, doctors should have provided a D&C.
"Misoprostol," reported ProPublica, "is an effective method to complete low-risk miscarriages but is not recommended when a patient is unstable."
Some critics who support abortion bans have dismissed Ngumezi's case—and that of other women who have died because of the laws—as the result of medical malpractice that had nothing to do with recently passed state laws. They claim Texas' law protects women who have miscarriages.
But ProPublica noted that Ngumezi had a similar case to one described on social media by podcast host Ryan Hamilton earlier this year. Hamilton's wife experienced bleeding while miscarrying at 13 weeks, and was prescribed misoprostol and sent home after an ultrasound at Surepoint Emergency Center Stephenville showed no fetal cardiac activity. The bleeding got worse, but an emergency doctor told the couple they couldn't provide a D&C because of "the current stance" in Texas.
Greer Donley, a law professor at University of Pittsburgh, said that "the antiabortion movement wants us to blame the doctors and sometimes that is warranted. But abortion bans are the ultimate cause of this harm."
"When life in prison is the penalty for violating a ban, doctors will understandably be risk averse. And that chill in care will cause death," said Donley.
ProPublica reported that "performing a D&C attracts more attention from colleagues, creating a higher barrier in a state where abortion is illegal."
Doctors, added Goulding, "have to convince everyone that it is legal and won't put them at risk [of prosecution]."
In Ngumezi's case, the bleeding continued after she took misoprostol, and her heart stopped three hours later—a "preventable" death, according to the experts.
"The only reason" Ngumezi died, said Reproductive Justice for All, is that Republican politicians including President-elect Donald Trump helped put Texas' abortion ban in place.
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Prime Minister Benjamin Netanyahu of Israel has indicated openness to a cease-fire deal with Hezbollah, according to New York Timesreporting from Monday.
Multiple media reports detail that the latest Israeli barrage in Lebanon included strikes on Beirut's southern suburbs, a Hezbollah stronghold. Reuters and The Times of Israel report that the Israeli military said one round of strikes hit 20 targets in the densely populated city within two minutes.
Israel issued multiple evacuation orders for different parts of Lebanon Tuesday, perThe New York Times' live updates.
"Residents of Lebanon, in the coming hours, we will inform the residents of buildings used by Hezbollah of the need to evacuate them for your safety according to the maps that will be published," Israeli army spokesperson Avichay Adraee said on X roughly an hour ago, according to Al Jazeera.
Heavy airstrikes have also been reported in southern Lebanon, including in the town of Naqoura where the U.N. peacekeeping mission UNIFIL, is based.
Citing an unnamed senior U.S. official, Axiosreported Monday that "Israel and Lebanon have agreed to the terms of a cease-fire agreement to end the Israel-Hezbollah conflict."
Yesterday, the Financial Timesreported that the deal on the table would call for an initial two-month cease-fire—citing two Lebanese officials—"during which the Israeli military would withdraw from Lebanon and Hezbollah would move its weapons north of the Litani river, which runs 30km from the U.N.-drawn border."
Israel's large-scale bombardment of Lebanon—which began some two months ago and was soon followed by a ground invasion—has killed more than 3,000 people. Hezbollah rocket fire has killed more than 40 civilians in Israel, according toThe Associated Press yesterday, and dozens of Israeli soldiers have been killed on the ground in Lebanon.
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So far, Trump has announced plans to nominate billionaire hedge fund manager Scott Bessent to head the Treasury Department, WWE billionaire Linda McMahon to head the Education Department, billionaire crypto banker Howard Lutnick to head the Commerce Department, and billionaire entrepreneurs Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency—an outside advisory commission tasked with slashing federal spending and regulations.
"These appointments clearly show the incoming administration will be run by and for the ultra-wealthy," said David Kass, ATF's executive director. "They've already announced plans to spend trillions of dollars to renew the Trump tax bill, to further enrich large corporations and wealthy elites like themselves while advocating for cuts to vital programs that working and middle-class Americans depend on."
ATF's analysis, released Monday, shows that the combined wealth of Trump's richest nominees and transition team members—including the president-elect and Sen. JD Vance (R-Ohio), the vice president-elect—is over $313 billion. By comparison, the combined net worth of President Joe Biden's Cabinet is an estimated $118 million.
"Even excluding Elon Musk—the world's richest man and Trump's co-director of the Department of Government Efficiency—the average net worth of Trump, his vice president, and top appointees is $616 million," ATF observed. "This figure is over 616 times higher than the mean average wealth of the typical American household, which is a little more than $1 million."
ATF and Accountable.US also highlighted other ultra-rich individuals nominated for key roles in the incoming administration, including drilling enthusiast Doug Burgum, worth an estimated $100 million; Mehmet Oz, worth up to $315 million; and Chris Wright, who as of earlier this month held nearly $47 million worth of stock in his fracking company, Liberty Energy.
Tony Carrk, executive director of Accountable.US, said in a statement Tuesday that "Donald Trump paid plenty of lip service to working-class Americans" during the 2024 campaign, "but as president-elect, he's moved quickly to stack his administration with billionaires that share his vision of a rigged economy that only works for people like them."
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