Huge news! Earlier today, Trillium Asset Management released a new report showing that the Massachusetts pension fund lost more than $500 million on fossil fuel investments between June 2014 and June 2015.
This is a big deal! For years, financial experts like former Treasury Secretary Hank Paulson and former SEC Commissioner Bevis Longstreth have been saying that fossil fuels are a bad investment. The Massachusetts pension board ignored those warnings -- and a result, they lost hundreds of millions of dollars that could have gone to Massachusetts retirees.
Several of the state’s major public sector unions have joined us in calling on Massachusetts to divest from fossil fuels. The Boston Teachers Union, which represents 10,000 teachers and support staff, endorsed divestment just a few days ago, joining SEIU 509, SEIU 888, and the Massachusetts Nurses Association! Thousands of hard-working teachers, nurses, first responders, service workers, and public servants who pay into the pension fund have joined the campaign for divestment because they’re worried about the threat of climate change -- and about the risks that fossil fuels pose to their pensions.
Fossil fuels are wrecking the planet, and they’re wrecking our pension fund, too. It’s time to #DivestMA!
To see the 350 Mass / Better Future Project press release about the report, click here!