Jersey City Councilman Pushes Ban On Fossil Fuel Investment

JERSEY CITY, NJ — Jersey City Municipal Council Member James Solomon is teaming up with Divest NJ to introduce a resolution to the City Council that calls for the New Jersey State Legislature, the New Jersey State Investment Council, and the Pension Committee for the Employees’ Retirement System of Jersey City to divest from current fossil fuel investments and ban future investments in corporations who profit off climate pollution.

Jersey City’s current pension fund reveals investments in fossil fuels only through “index funds” that invest in all stocks within a given market. However, both New Jersey and Jersey City’s funds require a full asset allocation analysis to understand the funds true exposure to fossil fuels. Moreover, neither fund has rules in place to prevent future investments in fossil fuels. Those rules could be established by state legislation or action by the New Jersey State Investment Council.

“As a state and a city that knows climate change’s ravages first hand, New Jersey and Jersey City should be leaders on fossil fuel divestment. The time for half measures on climate is over. The state should sell their current investments in fossil fuels. Rules should be established to prevent any future investment in corporations that poison the earth," said Solomon.