BILL NUMBER: S1953
SPONSOR: HOYLMAN-SIGAL
 
TITLE OF BILL:
An act to amend the education law, in relation to requiring SUNY and
CUNY trustees refrain from investing in and subsequently divest from
stocks, debt or other securities of certain publicly traded fossil fuel
companies
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill amends the education law by adding a new section
355-d. Section 355-d of the education law requires the SUNY Board of
Trustees and SUNY affiliated nonprofit organizations or foundations to
cease new investments in the 200 largest publicly traded fossil fuel
companies by July 1, 2024, and to divest from any current investments im
such companies by January 1, 2028.
The Board of Trustees and affiliated nonprofit organizations or founda-
tions would be permitted to cease divesting under limited circumstances
upon clear and convincing evidence that such divestment has directly
resulted in the total and aggregate value of all assets under management
by, or on behalf of, the Board of Trustees and affiliated nonprofit
organizations or foundations falling below a specified threshold.
Section 2 of the bill amends the education law by adding a new section
6234a. Section 6234-a of the education law requires the CUNY Board of
Trustees and CUNY affiliated nonprofit organizations or foundations to
cease new investments in the 200 largest publicly traded fossil fuel
companies by July 1, 2024, and to divest from any current investments in
such companies by January 1, 2028.
The Board of Trustees and affiliated nonprofit organizations or founda-
tions would be permitted to cease divesting under limited circumstances
upon clear and convincing evidence that such divestment has directly
resulted in the total and aggregate value of all assets under management
by, or on behalf of, the Board of Trustees and affiliated nonprofit
organizations or foundations falling below a specified threshold.
Section 3 of the bill sets an effective date of July 1, 2024.
 
JUSTIFICATION:
Human-induced climate change is a growing threat to the future of our
planet. Its impacts are already evident, with annual record-setting high
temperatures, widespread droughts, drastic sea level rise, and other
effects that are potentially catastrophic to the environment, public
health, the economy, and the very survival of humanity. strong action to
sever ties with dirty, outdated fossil fuel companies that are failing
to adapt to a changing planet.
 
PRIOR LEGISLATIVE HISTORY:
S.0420 of 2021-2022 (Hoylman): Died in Higher Education
S.1829 of 2019-2020 (Hoylman): Died in Higher Education
S.5647 of 2017-2018 (Hoylman): Died in Higher Education
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect on July 1, 2024.