Huge news! Earlier today, Trillium Asset Management released a new report showing that the Massachusetts pension fund lost more than $500 million on fossil fuel investments between June 2014 and June 2015.
This is a big deal! For years, financial experts like former Treasury Secretary Hank Paulson and former SEC Commissioner Bevis Longstreth have been saying that fossil fuels are a bad investment. The Massachusetts pension board ignored those warnings -- and a result, they lost hundreds of millions of dollars that could have gone to Massachusetts retirees.
Several of the state’s major public sector unions have joined us in calling on Massachusetts to divest from fossil fuels. The Boston Teachers Union, which represents 10,000 teachers and support staff, endorsed divestment just a few days ago, joining SEIU 509, SEIU 888, and the Massachusetts Nurses Association! Thousands of hard-working teachers, nurses, first responders, service workers, and public servants who pay into the pension fund have joined the campaign for divestment because they’re worried about the threat of climate change -- and about the risks that fossil fuels pose to their pensions.
Fossil fuels are wrecking the planet, and they’re wrecking our pension fund, too. It’s time to #DivestMA!
To see the 350 Mass / Better Future Project press release about the report, click here!
The Boston Teachers Union -- which represents 10,000 current and retired teachers and other school professionals -- just voted to endorse divestment of the state pension fund from fossil fuels! Boston Teachers Union is the fourth public sector to endorse divestment, joining SEIU 888, SEIU 509, and the Massachusetts Nurses Association.
As Richard Stutman, the union's president, said to The Boston Globe: “If you don’t do something about global warming, our pensions won’t matter."
Congrats to all the teachers and divestment advocates who made this happen, especially the Boston node of 350 Mass!
Do you pay into the state pension fund or receive a state pension? Be sure to sign our state divestment petition!
On Tuesday night, the Lowell City Council voted 8-1 in favor of a resolution supporting divestment of the state pension fund from fossil fuels.
This is a big deal: it makes Lowell the 14th city in Massachusetts to vote in favor of fossil fuel divestment, and it comes after years of tireless work by 350 Mass Lowell.
The California legislature just voted to divest from coal, the University of California has sold its coal and tar sands stocks, and it's clear that momentum is building. This is a moment to celebrate!