By JOHN REITMEYER, BUDGET/FINANCE WRITER , NJ Spotlight
With a new legislative session underway in Trenton, climate activists are renewing their push to ban New Jersey public worker pension funds from being used to back investments in the fossil-fuel industry.
A measure that would force those managing public-worker pension funds in New Jersey to shed any stakes in the 200 largest publicly traded fossil-fuel companies won strong support from climate activists and other environmentalists Monday during a Senate Environment and Energy Committee hearing.
No formal votes on the legislation were taken during the hearing, but divestment advocates called for increased urgency, echoing concerns that have been raised during recent meetings of the New Jersey State Investment Council, a group that sets policy for the more than $90 billion pension fund.
Feeling the effects of climate change
As proof, the advocates cited ways climate change has begun to impact life in New Jersey on a routine basis, including dangerous flooding from heavy storms and alarming wildfire-induced air-quality alerts.
“It’s a feedback loop, and we’re in it, and there’s a real urgency right now,” said Tina Weishaus, who serves as co-chair of the DivestNJ Coalition.
They also reminded lawmakers that New Jersey has filed a lawsuit in recent years against the fossil fuel industry seeking compensation for damages being caused by climate change.
“What kind of retirement can we expect to provide for our public employees when we are investing in the very companies that are destroying the health of our people, our communities, our economy, our natural resources, and our futures?” Weishaus asked during the hearing.
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