New York must divest from fossil fuel firms

Black Friday was a big day for taking stock of our future. While most people’s attention was on shopping, the Trump administration released a report, required by Congress, on the consequences of global warming. The authors conclude that we must act forcefully to avoid substantial damage to the U.S. economy, environment and human health and well-being over the coming decades.

Crude oil prices closed on Black Friday, at $50.39 per barrel — down 7.76 percent from the previous day. At the beginning of October the price was $75 — 50 percent higher.

Now is the time for New York state pension funds to divest from fossil fuel companies. That decision is wholly within the powers of Comptroller Tom Dinapoli. Further dithering may be disastrous. The days when energy companies could be considered “blue chip” are long gone. A recent analysis by Corporate Knights (“The Magazine for Clean Capitalism”) shows that “Divestment would have made NY pension fund $22B richer” in the decade ending March 30, 2018 (when oil prices were 20 percent higher than they are now).

Gov. Andrew Cuomo and the state Legislature must also enact legislation to ban new fossil fuel infrastructure and transition New York to 100 percent renewable energy by 2030.

The danger of climate change is not in the future. The long run is here. We’ve lost Paradise. Unless we wake up and change our ways, it will be “the fire this time.” Bernard tuchman New York City