CHAPTER 5

  1.   Tom Harrison et al., Not Long Now: Survey of Fund Managers’ Responses to Climate-Related Risks Facing Fossil Fuel Companies, Climate Change Collaboration and UK Sustainable Investment and Finance Association, April 2018, http://uksif.org/wp-content/uploads/2018/04/UPDATED-UKSIF-Not-Long-Now-Survey-report-2018-ilovepdf-compressed.pdf (accessed March 24, 2019), 3, 5; Felicia Jackson, “Three Risks That Are Haunting Big Oil,” Forbes, April 26, 2018, https://www.forbes.com/sites/feliciajackson/2018/04/26/three-risks-that-are-haunting-big-oil/#335c06212739 (accessed March 29, 2019).

  2.   Thinking Ahead Institute, Global Pension Assets Study 2018, Willis Towers Watson, February 5, 2018, https://www.thinkingaheadinstitute.org/en/Library/Public/Research-and-Ideas/2018/02/Global-Pension-Asset-Survey-2018 (accessed March 23, 2019), 3, 5, 11.

  3.   International Trade Union Confederation, “Just Transition Centre,” https://www.ituc-csi.org/just-transition-centre (accessed February 19, 2019).

  4.   Pension Rights Center, “How Many American Workers Participate in Workplace Retirement Plans?” January 18, 2018, http://www.pensionrights.org/publications/statistic/how-many-american-workers-participate-workplace-retirement-plans (accessed March 24, 2019).

  5.   Congressional Record, May 13, 1946, 4891–911.

  6.   Personal interview with William Winpisinger, July 18, 1977.

  7.   Nicholas Lemann, The Promised Land: The Great Black Migration and How It Changed America (New York: Vintage Books, 1992), 5.

  8.   Willis Peterson and Yoav Kislev, “The Cotton Harvester in Retrospect: Labor Displacement or Replacement?” University of Minnesota, Department of Agricultural and Applied Economics, Staff Paper P81-25, September 1991, 1–2.

  9.   Lemann, The Promised Land, 6.

  10.   Marcus Jones, Black Migration in the United States: With Emphasis on Selected Central Cities (Saratoga, CA: Century 21 Publishing, 1980), 46.

  11.   William Julius Wilson, The Declining Significance of Race (Chicago: University of Chicago Press, 1978), 93; Thomas J. Sugrue, “The Structures of Urban Poverty: The Reorganization of Space and Work in Three Periods of American History,” in The Underclass Debate: Views from History, ed. Michael Katz (Princeton: Princeton University Press, 1993), 102.

  12.   UAW data submitted to Hearings Before the United States Commission on Civil Rights, held in Detroit, December 14–15, 1960 (Washington, DC: USGPO, 1961), 63–65.

  13.   John Judis, “The Jobless Recovery,” New Republic, March 15, 1993, 20.

  14.   Will Barnes, “The Second Industrialization of the American South,” 2007, posted by IDP August 1, 2013, https://libcom.org/library/second-industrialization-american-south (accessed April 16, 2019).

  15.   Jeremy Rifkin and Randy Barber, The North Will Rise Again: Pensions, Politics and Power in the 1980s (Boston: Beacon Press, 1978), 7.

  16.   Ibid., 10–11.

  17.   Ibid., 13.

  18.   Ibid.

  19.   Michael Decourcy Hinds, “Public Pension Funds Tempt States in Need,” New York Times, December 2, 1989, https://www.nytimes.com/1989/12/02/us/public-pension-funds-tempt-states-in-need.html (accessed February 28, 2019); Jeffery Kaye, “Unions Map Investment Guidelines,” Washington Post, March 9, 1980, https://www.washingtonpost.com/archive/business/1980/03/09/unions-map-investment-guidelines/2008e77d-5e0a-42bf-99fb-6980854f0b77/?utm_term=.a04a4b604fbf (accessed April 10, 2019).

  20.   Owen Davis, “All Roads Lead to Wall Street,” Dissent Magazine, October 16, 2018, https://www.dissentmagazine.org/online_articles/working-class-shareholder-labor-activism-finance (accessed February 19, 2019).

  21.   Richard Marens, “Waiting for the North to Rise: Revisiting Barber and Rifkin After a Generation of Union Financial Activism in the U.S.,” Journal of Business Ethics 52, no. 1 (2004): 109.

  22.   Ibid.

  23.   Richard Marens, “Extending Frames and Breaking Windows: Labor Activists as Shareholder Advocates,” Ephemera 7, no. 3 (2007): 457, http://www.ephemerajournal.org/sites/default/files/7-3marens.pdf (accessed March 23, 2019).

  24.   “1,000+ Divestment Commitments,” Fossil Free, https://gofossilfree.org/divestment/commitments/ (accessed March 15, 2019).

  25.   ICLEI, New York City Moves to Divest Pension Funds from Billions of Dollars in Fossil Fuel Reserves, 2018, http://icleiusa.org/wp-content/uploads/2018/09/NYC-Divestment-Case-Study-ICLEI-USA.pdf (accessed March 23, 2019), 9.

  26.   Oliver Milman, “New York City Plans to Divest $5bn from Fossil Fuels and Sue Oil Companies,” The Guardian, January 10, 2018, https://www.theguardian.com/us-news/2018/jan/10/new-york-city-plans-to-divest-5bn-from-fossil-fuels-and-sue-oil-companies (accessed February 4, 2019).

  27.   City of New York, Community Development Block Grant Disaster Recovery, “Impact of Hurricane Sandy,” https://www1.nyc.gov/site/cdbgdr/about/About%20Hurricane%20Sandy.page (accessed February 26, 2019).

  28.   Emily Cassidy, “5 Major Cities Threatened by Climate Change and Sea Level Rise,” City Fix, October 15, 2018, https://thecityfix.com/blog/5-major-cities-threatened-climate-change-sea-level-rise-emily-cassidy/ (accessed March 23, 2019).

  29.   ICLEI, New York City Moves to Divest, 13.

  30.   City of New York, One New York: The Plan for a Strong and Just City, 2015, http://www.nyc.gov/html/onenyc/downloads/pdf/publications/OneNYC.pdf (accessed March 23, 2019), 166.

  31.   Bill de Blasio and Sadiq Khan, “As New York and London Mayors, We Call on All Cities to Divest from Fossil Fuels,” The Guardian, September 10, 2018, https://www.theguardian.com/commentisfree/2018/sep/10/london-new-york-cities-divest-fossil-fuels-bill-de-blasio-sadiq-khan (accessed March 24, 2019).

  32.   Ibid.

  33.   Gail Moss, “Biggest US Pension Funds ‘Must Consider Climate-Related Risks,’” Investments & Pensions Europe, September 3, 2018, https://www.ipe.com/news/esg/biggest-us-pension-funds-must-consider-climate-related-risks-updated/10026446.article (accessed March 23, 2019).

  34.   California State Legislature, “Bill Information,” SB-964, Public Employees’ Retirement Fund and Teachers’ Retirement Fund: Investments: Climate-Related Financial Risk (2017–18), https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=201720180SB964 (accessed March 23, 2019).

  35.   Ibid.

  36.   California State Teachers’ Retirement System, “CalSTRS at a Glance,” fact sheet, January 2019, https://www.calstrs.com/sites/main/files/file-attachments/calstrsataglance.pdf (accessed February 26, 2019).

  37.   CalPERS, “CalPERS Board Elects Henry Jones as President, Theresa Taylor as Vice President,” news release, January 22, 2019, https://www.calpers.ca.gov/page/newsroom/calpers-news/2019/board-elects-president-vice-president (accessed March 24, 2019).

  38.   Ivan Penn and Peter Eavis, “PG&E Is Cleared in Deadly Tubbs Fire of 2017,” New York Times, January 24, 2019, https://www.nytimes.com/2019/01/24/business/energy-environment/pge-tubbs-fire.html (accessed March 4, 2019).

  39.   Rob Smith, “The World’s Biggest Economies in 2018,” World Economic Forum, April 18, 2018, https://www.weforum.org/agenda/2018/04/the-worlds-biggest-economies-in-2018/ (accessed March 23, 2019).

  40.   Patrick Collinson and Julia Kollewe, “UK Pension Funds Get Green Light to Dump Fossil Fuel Investments,” The Guardian, June 18, 2018, https://www.theguardian.com/business/2018/jun/18/uk-pension-funds-get-green-light-to-dump-fossil-fuel-investments (accessed February 26, 2019).

  41.   Ibid.

  42.   Department for Work and Pensions, United Kingdom, Consultation on Clarifying and Strengthening Trustees’ Investment Duties: The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2018, June 2018, https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/716949/consultation-clarifying-and-strengthening-trustees-investment-duties.pdf (accessed April 10, 2019), 19.

  43.   UNISON, Local Government Pension Funds—Divest from Carbon Campaign: A UNISON Guide, January 2018, https://www.unison.org.uk/content/uploads/2018/01/Divest-from-carbon-campaign.pdf (accessed March 23, 2019), 2.

  44.   Nina Chestney, “Ireland Commits to Divesting Public Funds from Fossil Fuel Companies,” Reuters, July 12, 2018, https://www.reuters.com/article/us-ireland-fossilfuels-divestment/ireland-commits-to-divesting-public-funds-from-fossil-fuel-companies-idUSKBN1K22AA (accessed February 19, 2019).

  45.   Richard Milne and David Sheppard, “Norway’s $1tn Wealth Fund Set to Cut Oil and Gas Stocks,” Financial Times, March 8, 2019, https://www.ft.com/content/d32142a8-418f-11e9-b896-fe36ec32aece (accessed March 8, 2019).

  46.   Douglas Appell, “South Korean Pension Funds Declare War on Coal,” Pensions & Investments, October 5, 2018, https://www.pionline.com/article/20181005/ONLINE/181009888/south-korean-pension-funds-declare-war-on-coal (accessed February 19, 2019).

  47.   Korea Sustainability Investing Forum, “Two Korean Pension Funds Worth US$22 Billion Exit Coal Finance,” 350.org, October 4, 2018, http://world.350.org/east-asia/two-korean-pension-funds-worth-us22-billion-exit-coal-finance/ (accessed February 19, 2019).

  48.   Peter Bosshard, Insuring Coal No More: The 2018 Scorecard on Insurance, Coal, and Climate Change, Unfriend Coal, December 2018, https://unfriendcoal.com/2018scorecard/ (accessed March 23, 2019), 4–6.

  49.   Consumer Watchdog, “Top Ten U.S. Insurance Companies’ Investment in Climate Change,” https://www.consumerwatchdog.org/top-ten-us-insurance-companies-investment-climate-change (accessed March 18, 2019); Aon Benfield, Weather, Climate & Catastrophic Insight: 2017 Annual Report, http://thoughtleadership.aonbenfield.com/Documents/20180124-ab-if-annual-report-weather-climate-2017.pdf (accessed March 23, 2019), 30.

  50.   Vitality Katsenelson, “Stocks Are Somewhere Between Tremendously and Enormously Overvalued,” Advisor Perspectives, October 30, 2018, https://www.advisorperspectives.com/articles/2018/10/30/stocks-are-somewhere-between-tremendously-and-enormously-overvalued (accessed February 19, 2019).

  51.   Pew Charitable Trusts, “The State Pension Funding Gap: 2015,” April 20, 2017, https://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2017/04/the-state-pension-funding-gap-2015 (accessed February 19, 2019).

  52.   Tom Sanzillo, “IEEFA Update: 2018 Ends with Energy Sector in Last Place in the S&P 500,” Institute for Energy Economics and Financial Analysis, January 2, 2019, http://ieefa.org/ieefa-update-2018-ends-with-energy-sector-in-last-place-in-the-sp-500/ (accessed April 8, 2019).

  53.   Alison Moodie, “New York Pension Fund Could Have Made Billions by Divesting from Fossil Fuels—Report,” The Guardian, March 4, 2016, https://www.theguardian.com/sustainable-business/2016/mar/04/fossil-fuel-divestment-new-york-state-pension-fund-hurricane-sandy-ftse (accessed February 19, 2019).