The Third Act Vermont Divestment Action Team (DAT) is a group of Vermonters over the age of 60 calling on the Vermont Pension Investment Commission (VPIC) to divest the Vermont Pension Plan funds from fossil fuels. The Vermont Pension Plan funds are the combined assets of the Vermont State Teachers Retirement System (VSTRS), the Vermont State Employee Retirement System (VSERS), the Vermont Municipal Employee Retirement System (VMERS), and other public Vermont Retirement Systems.
Why Divest?
Our climate is in crisis. Hurricanes, wildfires, extreme heat and rising oceans are creating havoc with our world and bringing death and destruction. Climate change is the biggest health threat facing our world.(1) The primary cause of global warming is the burning of fossil fuels (coal, oil, and gas) which release greenhouse gasses into our atmosphere.(2)
Fossil fuel investments are financially risky and environmentally irresponsible.
Over 1,500 institutions ― representing over $40 trillion in assets ― have now committed to some level of fossil fuel divestment. Institutions like Harvard University, Dartmouth College, and the World Council of Churches have all committed to divestment.(3)
Other state and city pension funds, including Maine, New York, and New York City are moving out of fossil fuel investments while meeting their legal and fiduciary responsibilities.
As the effects of climate change become worse and more governments adopt policies to limit carbon pollution, the carbon resources that fossil fuel companies currently count as assets will shift to liabilities.4 Studies by analysts, such as the London School of Economics, HSBC, and Impact Asset Management, show that fossil fuel companies may be overvalued by as much as 40 to 60 percent.
Vermont’s Largest Climate Change Study
What is Divestment?
Divestment is the opposite of an investment – it means getting rid of stocks, bonds, or investment funds that are unethical or morally ambiguous.
Vermont Fossil Fuel Divestment Bill (S.42) FAQ
Third Act Vermont Position Paper
Take Action:
Write a letter to the Vermont Pension Investment Commission (VPIC). Vermont Pension Investment Commissioners
Sample Letter (template, click here) about S.42 to your House Representative
Attend a VPIC General Meeting. Public comments can be made at the start of the meeting at 8:30am.
Write a letter to the editor of your local newspaper.
Contact your House Representative about the Fossil Fuel Divestment Bill S.42
Find Your Vermont Legislator (and bills) at the General Assembly Search page.
Join the Third Act Vermont Divestment Action Team (DAT), contact Third Act Vermont Divestment Action Team (DAT) leader Steve Crofter.
Encourage fellow Vermont State Teachers Retirement System (VSTRS) members, the Vermont State Employee Retirement System (VSERS) members, and the Vermont Municipal Employee Retirement System (VMERS) members to learn about divestment from fossil fuels.
VPIC Voting Commissioners
Thomas Golonka, Chair
Kim Gleason, Vice-Chair, VMERS Representative, term expires 6/30/2025
Mike Pieciak, Vermont State Treasurer
Jeff Briggs, VSERS Representative, term expires 6/30/2027
Perry Lessing, VSTRS Representative, term expires 6/30/2026
Steven Jeffrey, Vermont League of Cities & Towns Representative, term expires 6/30/2026
Jim Salsgiver, Vermont School Boards Association Representative, term expires 6/30/2027
Mary Alice McKenzie, Governor’s Appointee, term expires 6/30/2025
Lauren Wobby, Governor’s Appointee, term expires 6/30/2025
VPIC Alternative Commissioners
Justin Norris, Alternate VSTRS Representative, term expires 6/30/2026
Eric Davis, Alternate VSERS Representative, term expires 6/30/2027
Chris Dube, Alternate VMERS Representative, term expires 6/30/2025
Brad Ferland, Alternate Governor’s Appointee, term expires 6/30/2024
References
- World Health Organization. Climate change and health. October 30, 2021.
https://www.who.int/news-room/fact-sheets/detail/climate-change-and-health. - IPPC. Climate change widespread, rapid, and intensifying-IPPC. August 9,2021
https://www.ipcc.ch/2021/08/09/ar6-wg1-20210809-pr/ - Global Fossil Fuel Divestment Commitments Database. https://divestmentdatabase.org
- Semieniuk, G., Holden, P.B., Mercure, JF. et al. Stranded fossil-fuel assets translate to major losses for investors in advanced economies. Nat. Clim. Chang. 12, 532–538 (2022). https://doi.org/10.1038/s41558-022-01356-y
Resources
https://climatesafepensions.org/
https://www.climatesafepensionswisconsin.org
https://www.divestnyteachers.org