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Applaud Mayor de Blasio and NYC for Climate Courage: Righteous Pension Divestment, Legal Fight Against Fossil-Fuel Companies


#1

Applaud Mayor de Blasio and NYC for Climate Courage: Righteous Pension Divestment, Legal Fight Against Fossil-Fuel Companies

Bill McKibben

Earth’s mightiest city is now in full-on battle with the planet’s richest, most irresponsible industry.

"They should light up the Empire State Building in green tonight — for the money the city is going to save, and for the planet it will help protect in the process." (Photo/Nara Garber)

#2

Totally awesome, Bill! Yeah, Light up that green, Empire State Building! And, by the way, have the owners of that tower lighten-up!

Court decision in Empire State Bldg versus Pacifica & WBAI

https://www.indybay.org/newsitems/2017/10/07/18803500.php

Forgive the 2 mil that Pacifica (Radio WBAI) owes. Transmitting the truth has consequences. We the Poor People are in jeopardy of losing KPFA-Berkeley, KPFK-L.A., KPFT-Houston and WPFW-D.C. due to $


#3

It’s going to be a tough battle for the city when you factor in the pension fund’s need for cash, especially at a time when the feds cut back on basic services.

Pension funds love having high dividend paying corporations in their portfolios, to provide the cash for the pensions. Once a friend researched for the top ten dividend paying corporations and discovered 8 of the 10 were oil related. The other 2 I don’t remember but am betting on tobacco.


#4

Don’t know if you noticed but dividends are back in fashion.

In that “keeping up with the Jones’s” way things tend to happen when corporations are awash in cash.

That and stock buy backs…

As for DeBlasio, the law suit was a nice touch. Harder to prove the link between fossil fuels, climate change, and superstorm Sandy, than, say, tobacco smoke and cancer, but what the hell…


#5

Go New York, New York. Thank you Mayor de Blasio.
Now if we can get President Trump to build that wall out of solar panels we can call it progress.


#6

"The signal is clear. The oil industry is not the future, it’s the past."
I’m sorry, but what exactly is the future if not oil? Keep in mind that petroleum is used for less than 1% of electricity today in the USA. The primary use of petroleum (about 75%) is for transportation fuels of gasoline, diesel and jet fuel, and while EVs can mostly eliminate this I don’t recall the pension funds switching towards investing in EV stocks.

We need to transition our electricity portfolio no doubt, but its critical to understand what we use our energy for in order for us to replace it. You can’t replace oil with solar and wind as these energy sources are used for completely different purposes.

Furthermore the remaining 25% of petroleum largely does not have any market scale substitutes to date. 20% of petroleum production is used for petrochemical distillate production aka things like ethylene, xylene, propylene, naphtha, benzene, butylene etc. Not only do literally millions of products in the USA require these chemicals, but all other energy sources also require these. Guess how exactly we manufacture fiberglass and carbon fiber for wind turbine blades? Guess how exactly we manufacture EVA substrates for solar cells?