Unions Call on MA Pension Fund to Address Risks of Fossil Fuels

divestment.jpgOn Tuesday, Service Employees International Union Local 509 and the Massachusetts Nurses Association delivered a letter asking the Massachusetts pension board to address the financial risks of continued investment in oil, coal and gas companies. Educators for a Democratic Union, a progressive caucus within the Massachusetts Teachers Association, and Divest Our Pensions Now, an advocacy group representing state employees and pension recipients, also signed the letter.

"There are certainly environmental concerns related to the use of fossil fuels, but this ultimately comes down to ensuring a secure retirement for Massachusetts families," said Susan Tousignant, president of SEIU Local 509. "When it comes to the risk of fossil fuel investments, we’re looking at a volatile market, at best. At worst, we could see the financial security of current and future retirees go down the drain. We have a duty to do everything we can to prevent that from happening."

350mass_divestment.jpg350 Mass has worked closely with SEIU 509 and the Massachusetts Nurses Association to advocate for divesting the state pension fund from fossil fuels, and we were on hand on Tuesday to help deliver the letter!

The letter explains that according to some of the world’s leading financial experts, fossil fuel companies present unique risks to investors, in part because the value of fossil fuel companies is likely to decline sharply when governments take action to address climate change. 

The action helped put much-needed pressure on the pension board and earned great press coverage from The Boston Globe, Boston Magazine, State House News Service, and the Huffington Post

Interested in getting more involved in our divestment campaign? Email Darcy DuMont, [email protected] And don't forget to sign our petition to help make Massachusetts the first state in the nation to divest from fossil fuels! 

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