A new study shows that our state pension fund lost over $500 million on its fossil fuel investments over the past year. That’s more than $10 million of our retirement security down the drain each and every week.
When our pension fund loses money, taxpayers make up the difference. And while environmental concerns are certainly important, it has also become clear that coal prices are collapsing and oil is predicted to be on a long downturn — meaning the current investment model just isn’t sustainable. Major institutions like the UMass Foundation have come to this same conclusion, divesting from fossil fuels and transitioning to safer, renewable energy solutions.
It’s time for the Massachusetts Pension Fund to follow suit and stop gambling away our retirement security. Now, more than ever, decision-makers to hear from statekholders in the pension fund: us. We need to send a clear message that these risky investments are not acceptable. The time to divest is now.
There are plenty of ways to engage in the movement to divest our pensions from risky fossil fuel investments.