Two Queens Men Charged For Large-Scale Distribution Of Synthetic Cannabinoids Through Multiple Websites

 

The Defendants Allegedly Continued To Distribute Synthetic Cannabinoids After Four Co-Conspirators Were Arrested

 Damian Williams, the United States Attorney for the Southern District of New York, , Ricky Patel, the Acting Special Agent-in-Charge of the New York Field Office of Homeland Security Investigations (“HSI”), Philip R. Bartlett, Inspector-in-Charge of the New York Office of the United States Postal Inspection Service (“USPIS”),  Frank Russo, Acting Director, Field Operations, New York, U.S. Customs and Border Protection (“CBP”), and Dermot Shea, Commissioner of the New York City Police Department (“NYPD”), announced the unsealing of a Superseding Indictment charging VICTOR ALMONTE and MICHAEL ESPOSITO with conspiracy to distribute and possess with intent to distribute synthetic cannabinoids and to distribute controlled substances using the internet.  The case, in which four other individuals previously were charged and arrested, is assigned to United States District Judge J. Paul Oetken.

ALMONTE and ESPOSITO were arrested this morning and will be presented later today in Manhattan federal court before United States Magistrate Judge Katharine H. Parker.

U.S. Attorney Damian Williams said:  “Trafficking of synthetic cannabinoids – sometimes called K2 or Spice – poses a serious threat to public health and safety.  Packaged attractively to appeal to teenagers and young adults, synthetic cannabinoids are in reality toxic concoctions that can be very dangerous to consume.  As alleged, the defendants used websites they operated to distribute massive quantities of synthetic cannabinoids throughout the United States.  Thanks to our law enforcement partners, the defendants have been arrested and their dangerous business has been dismantled.”

HSI Acting Special Agent-in-Charge Ricky Patel said: “As alleged in the indictment, the defendants purported to sell potpourri and herbs but were instead peddling mass amounts of dangerous synthetic cannabinoids to the public. What made these offenses even more egregious were that the defendants allegedly continued to engage in these illegal activities after the arrest of four co-conspirators involved in the scheme, which displayed a blatant disregard for the rule of law – that will not be tolerated.  HSI, in conjunction with its partners, will stand together and bring to justice malicious actors that use the internet to poison the public and put the health and safety of their customers at risk, just to turn a profit.”

USPIS Inspector-in-Charge Philip R. Bartlett said: “Today’s indictment of Almonte and Esposito is an example of the commitment of Postal Inspectors and their law enforcement partners to keep the streets safe from illegal drugs, while preventing criminal misuse of the mail.”

CBP Director Frank Russo said:  “U.S. Customs and Border Protection is proud of the expertise we provide in support of investigations that result in the takedown of criminal enterprises. Today’s arrest is an example of CBP’s interagency partnerships and collaborative efforts to detect, disrupt, and deter transnational criminal organizations.”

According to the allegations in the Indictment and the Superseding Indictment,[1] and other court filings:

From February 2019 until May 2021, NIAZ KHAN, NOEL SANABRIA, ANDRE GOMES, PATRICK PATTERSON, VICTOR ALMONTE, and MICHAEL ESPOSITO (the “Defendants”) operated a scheme to distribute massive quantities of smokeable synthetic cannabinoids (“SSC”), colloquially referred to as “K2” or “Spice,” containing controlled substances and/or a controlled substance analogue, throughout the United States.

The Defendants sold SSC through at least four different websites that they operated, namely K2HerbStore.com, HerbalPlug.com, LegalAromaTherapy.com, and LegalHerbalSmack.com (collectively, the “Websites”).  The SSC the defendants sold through the Websites included dried, shredded plant material onto which synthetic cannabinoid chemicals had been sprayed.  The SSC distributed by the scheme was branded with colorful graphics and distinctive names, including “Train Wrecked,” “Scooby Snax Kush,” “Bizarro,” “AK 47,” “Hi5 Triple X,” “Evil Santa,” “Krazy Turkey,” “Sexy Monkey,” “W.T.F.,” and “COVID-19 Coronavirus Limited Edition.” 

In an effort to conceal their criminal activity and advertise their illegal products, the Defendants used names for certain of the Websites that falsely represented that their SSC products were “legal.”  The defendants also sometimes misleadingly described their SSC products publicly as “not for human consumption,” “potpourri,” “herbal incense,” and “legal aroma therapy,” when, in fact, the defendants intended that the SSC would be consumed by drug users and they knew that their conduct was unlawful.

On May 20, 2021, KHAN, SANABRIA, GOMES, and PATTERSON were arrested in connection with the charges contained in the Indictment.  Notwithstanding those arrests and the unsealing of the Indictment, ALMONTE and ESPOSITO continued to perpetrate the SSC distribution scheme until in or about December 2021.

Over the course of the scheme, the Defendants shipped thousands of packages of SSC through the United States mail from the Bronx, New York, to customers in all 50 states and the District of Columbia, which contained a total of hundreds of kilograms of SSC.  The defendants earned more than approximately $1 million from their illegal marketing and sale of SSC during the course of the scheme.

ALMONTE, 42, and ESPOSITO, 29, both of Queens, New York, are each charged with conspiracy to distribute and possess with intent to distribute controlled substances and a controlled substance analogue, and to distribute controlled substances using the internet, which carries a maximum sentence of 20 years.  The maximum potential sentence in this case is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendants will be determined by the judge.  

Mr. Williams praised the outstanding investigative work of the NYPD, HSI, USPIS, and the New York Office of U.S. Customs and Border Protection.  The long-term investigation of this case was partially funded by the New York/New Jersey High Intensity Drug Trafficking Area (“HIDTA”), a federal grant program that invests in law enforcement partnerships to build safe and healthy communities.

The charges contained in the Indictment and the Superseding Indictment are merely accusations, and the defendants are presumed innocent unless and until proven guilty.

[1] As the introductory phrase signifies, the entirety of the text of the Indictment and the Superseding Indictment, and the description of the Indictment and the Superseding Indictment set forth herein, constitute only allegations, and every fact described should be treated as an allegation. 

MAYOR DE BLASIO SIGNS LEGISLATION TO CODIFY THE MAYOR’S OFFICE OF COMMUNITY MENTAL HEALTH IN NEW YORK CITY CHARTER

 

 Mayor Bill de Blasio today signed Intro. 2442-A, codifying the Mayor’s Office of Community Mental Health into the City Charter and establishing the Office as a permanent part of City government. Built on the strong foundation of ThriveNYC, the Mayor’s Office of Community Mental Health coordinates an all-government approach to mental health and works with city government agencies and over 200 community-based organizations to close gaps in mental health care through innovation. The signing of Intro. 2442-A follows an executive order establishing The Mayor's Office of Community Mental Health on May 5, 2021.

“In New York City, we’ve established mental healthcare as a right for all,” said Mayor Bill de Blasio. “The Mayor’s Office of Community Mental Health will ensure that New Yorkers can get support at every stage of life and every level of need for decades to come.” 

 

“Today marks a significant milestone in our nearly eight year journey to make mental health and substance use services as accessible in our communities as physical health care, and to lessen the stigma. There is a solid path forward to continuing this work—lives will be transformed and lives will be saved because the Office of Community Mental Health has been signed into law,” said First Lady Of New York City Chirlane McCray. “The pandemic has heightened the need for even more programs, more education and training, and more integrated health care. With the OCMH, all New Yorkers—no matter their struggles or backgrounds—will continue to live in a city that prioritizes their mental well being and makes services accessible where they live. Thank you to the City Council members, faith leaders, community leaders and people inside and outside of government for all the time and hard work they have put into this effort.”

Intro. 2442-A charges the Mayor’s Office of Community Mental Health with the following powers and duties, all of which are currently performed by the Office: 

• Reduce substance misuse and promote access to services for substance use disorder;
• Promote access to treatment for New Yorkers with mental health needs;
• Promote equity in access to treatment;
• Reduce any racial and ethnic disparity in reported mental health emergencies in the city;
• Reduce the incidence of mental health emergencies occurring in the city and address individual’s mental health needs before they become crises;
• Develop and support the implementation of strategies to close gaps in mental health care;  
• Develop interagency policies and practices to promote mental health; 
• Decrease any barriers to mental health care that may prevent access among groups identified as being under-served; and perform any other relevant duties as the mayor may assign.  
• Ensure interagency coordination with DOHMH and any other City offices or agencies. 
• Establish a Mental Health Council to advise the Office on issues relating to mental health and mental health care and facilitate coordination and cooperation among city agencies.  
• Report annually to the Mayor and Speaker of the Council, and post to the Office’s website, a report identifying critical gaps in mental health care that are preventing New Yorkers with mental health needs from accessing and staying connected to care.   

“For the first time, a high-level commitment to mental health and the office needed to fulfill it will be enshrined into our City’s law,” said Susan Herman, Director of the Mayor’s Office of Community Mental Health. “This decision is a fitting bookend to the vision first articulated by Mayor Bill de Blasio and First Lady Chirlane McCray in 2016—to take an all-government approach to ensure that all New Yorkers, especially the most vulnerable, have access to the mental health support they need. New York City is now delivering more mental health services, in more places and in more ways than ever before, and today’s milestone guarantees that even more New Yorkers will have access to care in years to come.” 

CONSUMER ALERT: THE DIVISION OF CONSUMER PROTECTION WARNS CONSUMERS ABOUT HIGH LEVELS OF LEAD FOUND IN THE SUPER CAR RACING CAR SET

 

Lab Testing Shows the Super Car Racing Car Set Exceeds Federal Lead Safety Standards and Can Harm Children

DCP Calls upon the Consumer Product Safety Commission to Act to Remove the Toy from Store Shelves Around the Country

 The New York State Division of Consumer Protection (DCP) today announced lab findings showing one out of nine toys, selected randomly and tested for toxic substances, failed the federal children’s product safety standard protocols for lead. The Super Car Racing Car set was found to have a lead level in excess of the 100 parts per million or ppm standard.

Upon receipt of the testing results, DCP contacted the federal Consumer Product Safety Commission (CPSC), calling upon the CPSC to further investigate and work to remove this toy from shelves around the country. DCP also sent letters to Cosmos at the Colonie Center mall in Albany, NY, the retailer, and to Cathay Depot Inc., who both manufactures and imports this toy produced in China, to review the lab findings and to remove the Super Car Racing Car set from the market.

“Many holiday traditions include gifting fun, safe toys to the delight of children across New York State,” said Acting Secretary of State Robert J. Rodriguez. “When gifting toys to children, safety is the number one priority. The Division of Consumer Protection urges any retailers selling the Super Car Racing Car set to immediately pull these items from the shelves before they harm children.”  

As part of its responsibilities, DCP conducts product research and testing and enforces New York’s Children’s Product Safety and Recall Effectiveness Act. Recent product testing results indicated the black undercarriage of each of the eight toy cars in the Super Car Racing set contained 140ppm of lead.

Lead is a harmful metal that can cause serious health problems. Lead is especially dangerous for children and pregnant women, but it can harm anyone. Ingesting lead or handling lead or lead dust and then touching the mouth may lead to lead exposure. Lead can get in your body by touching a product, surface or soil that has lead or is covered with lead dust, then putting your hands in your mouth. It can also get in your body if you eat, swallow, or mouth a product that has lead. Medical researchers have found that lead exposure can trigger learning disabilities and behavior problems in children.

The Super Car Racing Car set may be disposed of by throwing it away, or consumers may wish to set it aside in a safe place and await possible future recall instructions, which may or may not include a refund component.

Hazards in children’s products are often latent and unfortunately not known until someone is hurt. Accordingly, the DCP urges consumers to follow simple safety tips when shopping to best ensure the toys purchased are safe for children:

• Always purchase age-appropriate toys.
• Read labels carefully and take note of all warnings.
• Keep toys in good condition and dispose of broken toys or repair them right away.
• Make sure any fabric toys are labeled as flame-resistant or flame-retardant. 

The New York State Division of Consumer Protection serves to educate, assist, and empower the State’s consumers. Consumers who identify a recalled product in the marketplace, or require more information about toy safety and recalls, are urged to call the Consumer Assistance Hotline: 1-800-697-1220 from Monday through Friday, 8:30am-4:30pm. Consumer complaints can be filed anytime online at the Division website, https://dos.ny.gov/file-consumer-complaint.  Follow the Division on Twitter at @NYSConsumer or on Facebook at www.facebook.com/nysconsumer.

Governor Hochul Signs Legislation to Support Bars, Restaurants, Breweries and Other Small Businesses

 

Legislation S.2743/A.3909 Allows Temporary Retail Permits For New Bars, Restaurants and Grocery Stores In New York City    

Legislation S.6256-A/A.7757 Expands Temporary Manufacturing Permits To All Qualified Alcoholic Beverage Makers In The State  

 Governor Kathy Hochul signed a legislative package removing red tape and assisting new bars, restaurants and other alcoholic beverage businesses to open more quickly. Legislation (S.2743/A.3909) allows for temporary retail permits to be issued for bars and restaurants opening in New York City, putting these businesses on the same footing as businesses in the rest of the state. Legislation (S.6256-A/A.7757) allows for new temporary manufacturing permits to be granted for New York wineries, breweries, cideries, and distilleries that are awaiting final approval on their manufacturing license, so they can operate and serve customers while their full application is pending.   

“Let’s raise a glass to the terrific bars, restaurants, breweries and other small businesses that are a vital part of New York’s economy,” Governor Hochul said. “As we continue to fight the pandemic, we also need to make sure we protect our economy, and this legislation will cut red tape and bring more customers in the door as quickly as possible to help small businesses get back on their feet.” 

These bills work to make it more efficient for new businesses to open. Under current law, New York City businesses cannot be granted temporary liquor licenses; the State Liquor Authority (SLA) is only permitted to provide permanent liquor licenses, which are subject to a lengthy review process. Under Legislation (S.2743/A.3909) the SLA will be able to grant certain New York City businesses temporary liquor licenses, which only take about 30 days to process, depending on the type of application. This will help the restaurant industry as well, which makes a third of its revenue from alcoholic beverage sales.   

MAYOR DE BLASIO SIGNS LANDMARK BILL TO BAN COMBUSTION OF FOSSIL FUELS IN NEW BUILDINGS

 

New York City is the largest city in the nation and the first large cold-weather city to phase out fossil fuel combustion in new construction – accelerating next-generation electric buildings, improving air quality and public health, and reducing greenhouse gas emissions

  Mayor Bill de Blasio today signed into local law a mandate phasing out the combustion of fossil fuels in new buildings and accelerating the construction of all-electric buildings. The law, the first of its kind for a large cold-weather city, represents a major shift in how buildings use energy to provide heating and cooling, by prioritizing air quality, public health, and greenhouse gas emissions reductions.

 

“New York City is proof that it’s possible to end the era of fossil fuels, invest in a sustainable future, protect public health, and create good paying jobs in the process,” said New York City Mayor Bill de Blasio. “If the largest city in America can take this critical step to ban gas use, any city can do the same! Thank you to the City Council for getting this done. This is how to fight back against climate change on the local level and guarantee a green city for generations to come.”

 

“This is a historic step towards reaching our carbon neutrality goals and reducing our reliance on fossil fuels,” said Ben Furnas, Director of the Mayor’s Office of Climate and Sustainability. “In addition to tackling the climate crisis, all-electric buildings help protect the health of vulnerable New Yorkers, like our children and the elderly, by improving the quality of our air indoors.”

 

The new law sets restrictions on fossil fuel usage in newly constructed residential and commercial buildings by phasing in strict emissions limits beginning in 2023, bringing immediate climate and health benefits to New Yorkers at launch. The benefits exponentially increase as more buildings are covered by the law and as the grid gets cleaner in line with the City’s existing commitment to 100% clean electricity. Buildings of all sizes must be constructed fully electric by 2027. The new law provides limited exemptions for certain uses, such as commercial kitchens and emergency or standby power. It also requires the Mayor’s Office of Climate and Sustainability to conduct studies on heat pump technology and electrical grid readiness.

 

New York City has already been a global leader in building emissions reductions, notably through the passage and implementation of the Climate Mobilization Act and its centerpiece, Local Law 97, which places caps on greenhouse gas emissions from existing large buildings. By signing Intro. 2317 into law, New York City is once again leading the charge toward building decarbonization. Research by the Rocky Mountain Institute finds that the law will prevent 2.1 million tons of carbon emissions by 2040 — equivalent to taking 450,000 cars off the road for a year. The new law will help accelerate a green transition and help achieve the City’s goal of carbon neutrality by 2050, consistent with limiting global warming to 1.5 degrees Celsius to prevent the most devastating impacts of the climate crisis. The law also prioritizes the health of New Yorkers by restricting the installation of fossil fuel appliances, which are a primary source of indoor air pollution, like carbon monoxide and formaldehyde, that harm lung and heart health.

“I want to extend my thanks to all the advocates, and especially to Council Member Ampry-Samuel and Chair Gennaro for their leadership to pass this legislation. We must take aggressive measures to adapt to and mitigate climate change. The science is indisputable – if we don’t make changes now to reduce greenhouse gas emissions and halt global warming, our planet and our city will suffer long-standing and irreversible effects,” said Speaker Corey Johnson.

Governor Hochul Announces Suspension of Construction-Related Lane Closures During Peak Holiday Travel Days

 

AAA Predicts 34 Percent Increase in Travel From 2020

No Non-Essential Lane Closures During Busiest Travel Times

 Governor Kathy Hochul today announced that temporary lane closures for road and bridge construction projects on New York State highways will be suspended beginning Thursday, December 23 at 6 a.m. through Monday, December 27 at 6 a.m. Construction will also be suspended from Thursday, December 30 at 6 a.m. through Monday, January 3 at 6 a.m. to ease travel for motorists.

Motorists should be aware that some work may continue behind permanent concrete barriers or for emergency repairs. The construction suspension aligns with New York State’s Drivers First Initiative, which prioritizes the convenience of motorists to minimize traffic congestion and travel delays due to road and bridge work.

“We are in the midst of one of the busiest travel times of the year and we want to ensure all New Yorkers are able to reach their destinations safely and without delay, so they can enjoy the holiday season,” Governor Hochul said. “To that end, we are suspending construction on state roads to help ease traffic during this time. I wish all New Yorkers a wonderful holiday season and remind them to please drive responsibly and help ensure this is happy and safe time for all.”

According to AAA more than 109 million people will travel this holiday season, which is an increase of almost 34 percent from 2020. That will bring this year’s numbers to 92 percent of 2019 levels.

The Governor reminds motorists that state and local law enforcement are participating in the national “Drive Sober or Get Pulled Over” campaign, which runs through January 1, 2022. Motorists can expect to see sobriety checkpoints and more New York State Troopers on the roadways during the holiday travel season. The New York State Thruway Authority will also continue its tradition of offering free coffee and hot tea to travelers at service areas along the Thruway from 11 p.m. New Year’s Eve through 7 a.m. New Year’s morning to promote safety and alert driving.

Text stops, including park-and-ride facilities, rest stops, service areas and parking areas along state highways support the state’s effort to reduce distracted driving. All text stops will remain open, providing location where drivers can safely and conveniently use their phones and other mobile devices for calling, texting, navigating and accessing mobile apps. Texting while driving is especially dangerous, as it requires motorists to take their eyes off the road, hands off the wheel and mind off driving.

New York State Thruway Authority Executive Director Matthew J. Driscoll said, “The holiday season is one of the busiest travel times of the year and suspending construction over the holiday weekend will allow motorist to arrive at their destinations faster, with fewer delays. We urge motorists to move over for emergency and maintenance vehicles they see on the road, remain alert, and drive sober. We also want to remind drivers that due to the service area redevelopment project, 10 service areas are closed along the Thruway for renovations, so please plan your stops accordingly. Fuel services remain open at all locations, and no two consecutive service areas are closed in the same direction of travel. I wish all New Yorkers a happy holiday and New Year.”

State Police Superintendent Kevin P. Bruen said, “As the travel kicks up this holiday season, our Troopers will be ready to do their part to keep our roadways safe. We urge all drivers to do their part by putting their electronic devices away and staying focused and alert. Please obey posted speed limits and follow the rules of the road. Also, those celebrating this holiday season should do so safely by planning ahead or driving sober. Together, we can save lives and prevent serious injuries.”

The Thruway Authority encourages motorists to download its mobile app, which is available to download for free on iPhone and Android devices. The app provides motorists direct access to real-time traffic and navigation assistance while on the go. Motorists can also sign up for TRANSalert emails, which provide the latest conditions along the Thruway.

Follow the Thruway Authority on Twitter @NYSThruway and on Facebook at New York State Thruway Authority.

Travelers can check NYSDOT’s 511NY before traveling by calling 5-1-1, visiting the 511 website, or downloading the free 511NY mobile app on iTunes or Google Play. The free service allows users to check road conditions, view 2219 traffic cameras and link to air and transit information. The app features Drive mode, which provides audible alerts along a chosen route while a user is driving, warning them about incidents and construction.

Follow New York State DOT on Twitter @NYSDOT and on Facebook at New York State Department of Transportation.

The Department of Motor Vehicles urges drivers to use the Have a Plan app to help find a safe way home from a celebration where they may be drinking. The free app from the Governor’s Traffic Safety Committee and the NYS STOP-DWI Foundation allows users to designate a driver, call a cab or ride share, and to review the consequences of impaired driving. Users can even use the app to report a drunk or drugged driver. The app is available for Apple, Android and Windows smart phones.

Follow DMV on Twitter @NYSDMV and on Facebook at New York State Department of Motor Vehicles.

Comptroller Stringer Releases Annual Report on NYC Economic and Fiscal Outlook

 

 New York City Comptroller Scott M. Stringer released an annual analysis of the City’s economic and financial position, as required by the City Charter, finding that while the City’s economic recovery has been slower than hoped, a combination of extraordinary pension fund investment returns in fiscal year 2021 and savings from bond refinancings allowed the City to reduce outyear budget gaps. 

The report analyzes the City’s November 2021 Financial Plan — which includes budget projections into FY 2025 – and potential risks and offsets to the City’s projected budget gaps.

To read Comptroller Stringer's full analysis of the November Plan, Click here

MAYOR DE BLASIO, COMPTROLLER STRINGER, AND TRUSTEES ANNOUNCE SUCCESSFUL $3 BILLION DIVESTMENT FROM FOSSIL FUELS

 

 New York City’s pension funds achieve first in the nation pension fund divestment from fossil fuel reserve owners - one of the largest fossil fuel divestments in the world

 Mayor Bill de Blasio, Comptroller Scott M. Stringer, and trustees of the New York City Employees’ Retirement System (NYCERS) and the New York City Board of Education Retirement System (BERS) announced the successful divestment of securities related to fossil fuel companies, bringing the total divestment across all funds to an estimated $3 billion. The divestment, one of the largest in the world, will address the significant financial and environmental risks that these fossil fuel holdings pose to the funds and to our planet. The announcement by the Mayor, Comptroller, and Trustees follows an extensive and thorough fiduciary process to prudently assess the portfolio’s exposure to fossil fuel stranded asset risk and industry decline and other financial risks stemming from climate change.

“New York City is fighting for a greener future by leading the transition away from the fuels of the past. Today’s achievement shows the nation and the world that bold action is not only needed to protect future generations, it is also smart fiscal policy,” said Mayor Bill de Blasio. “This $3 billion divestment, along with our billions in investments in climate solutions, is accelerating our transition to a green and just economy and advancing a climate-friendly future for generations to come. I thank the trustees for their commitment to the environment and our retirees.”

 

“Today is a major victory for our planet, our children, and our pensioners,” said Comptroller Stringer. “The successful divestment of $3 billion out of fossil fuels is proof-positive that environmental and fiscal responsibility go hand in hand. New York City is leading the way toward a clean, green and sustainable economy, and the impacts of the actions we are announcing today will be felt for generations to come. Today is made possible by so many people—the trustees whose leadership and steadfast commitment to our pensioners’ retirement security kept this process on track, investment experts who made sure that every step of this process was thoughtful and fiduciarily sound, to advocates who sounded the alarm about the growing financial and environmental risks posed by climate change. Thank you for standing up for a cleaner, greener, brighter future.”

 

In January 2018, the trustees announced a goal to divest from fossil fuel reserve owners within five years, consistent with fiduciary duty; thereby, making New York City the first major city in the nation to commit to divesting major public pension funds from fossil fuel reserve companies.  The Systems retained independent investment consultants who conducted investment analyses showing the risks posed by fossil fuel companies and the prudent nature of the divestment actions adopted by the Boards.

The New York City Employees’ Retirement System (NYCERS) and the New York City Board of Education Retirement System (BERS) have completed their process of divesting approximately $1.8 billion and $100 million in securities, respectively. The New York City Teachers’ Retirement System’s (TRS) divestment is underway with over $1 billion divested to date, and is expected to be complete by Q1 2022 with approximately $1 billion remaining.  Securities were identified based on demonstrated risk from fossil fuel reserves and business activity, and the trustees will continue to evaluate risk in their portfolios to determine additional actions as warranted. The list of combined divested securities from the NYCERS and BERS portfolios can be accessed here. TRS utilized a different investment consultant and employed different criteria to identify a different overall list of securities to divest than NYCERS and BERS. The names of TRS’ divested securities will be released upon completion of its divestment.

 

Since the initial announcement, hundreds of other institutions, governments, and entities have joined this commitment. The City also partnered with C40 and London to engage other cities to promote fossil fuel divestment.

 

The fossil fuel divestment builds upon the funds’ recent actions to address the risks and opportunities presented by a global transition to a low carbon economy. In October 2021, Mayor de Blasio, Comptroller Stringer and trustees announced the funds adopted a commitment to achieve net zero greenhouse gas emissions in their investment portfolios by 2040. This includes a goal to double investments in climate change solutions, such as renewable energy, energy efficiency and green real estate, to over $8 billion by 2025 and achieve a total of over $37 billion in climate solutions investments by 2035 across the three funds. The goal and plan to achieve net zero emissions by 2040, which were proposed jointly by the Mayor and Comptroller, addresses the vast financial, environmental and social risks that climate change poses to the funds and planet, will further align the funds’ investments with the accelerating transition towards a low carbon economy, and help limit global warming to 1.5 degrees Celsius to prevent the most devastating impacts of climate change. New York City is among the first cities in the nation to commit to a net zero emissions goal in their public pension funds, and is the first city in the nation to set an ambition of reaching net zero emissions by as early as 2040.

"From the destruction inflicted on our coastal communities during Superstorm Sandy to the unprecedented flooding of our inland neighborhoods during Hurricane Ida, no borough has felt the severe sting of climate change like Queens. By successfully divesting billions of dollars from fossil fuel-related securities that directly contribute to a warming planet, New York City is once again claiming its place at the forefront of the global green revolution," said Queens Borough President Donovan Richards Jr. "Divesting from fossil fuel is itself a direct investment in the future health and well-being of our families, ensuring our children have a fighting chance against the perils of climate change."

 

"We’d like to thank Comptroller Stringer, for his years of public service and his leadership in protecting our pensions and our planet by divesting from fossil fuel investments.  Thank you for joining the fight to reduce the money flowing to the world’s most dangerous polluters," said Dorian Fulvio, 350NYC Steering Committee member.

 

"Once again, New York City is a beacon of progressive climate action,” said Richard Brooks, Stand.earth Climate Finance Program Director. “This ahead-of-schedule and unprecedentedly transparent completion of one of the biggest fossil fuel divestments translates words and commitment into real action. Every pension fund and investor needs to pay attention: if divestment can be completed in New York, it can and should happen everywhere."

The participating New York City Pension Funds’ trustees are:

New York City Employees’ Retirement System (NYCERS): Mayor Bill de Blasio’s Representative, John Adler (Chair); New York City Public Advocate Jumaane Williams; Borough Presidents: Gale Brewer (Manhattan), Donovan Richards (Queens), Eric Adams (Brooklyn), James Oddo (Staten Island), and Ruben Diaz, Jr. (Bronx); Henry Garrido, Executive Director, District Council 37, AFSCME; Tony Utano, President Transport Workers Union Local 100; Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

Teachers’ Retirement System (TRS): Mayor Bill de Blasio’s Appointee, John Adler; Chancellor’s Representative, Lindsey Oates, New York City Department of Education; Natalie Green Giles; and Debra Penny (Chair), Thomas Brown and David Kazansky, all of the United Federation of Teachers.

Board of Education Retirement System (BERS): Schools Chancellor Meisha Porter; Mayoral: Isaac Carmignani, Natalie Green Giles, Vanessa Leung, Gary Linnen, Lori Podvesker, Eric C. Henry, Kathy Park Price; Thomas Sheppard (CEC); Michael Kraft (Manhattan BP), Deborah Dillingham (Queens BP), April Chapman (Brooklyn BP), Geneal Chacon (Bronx BP) and Jaclyn Tacoronte (Staten Island BP); and employee members John Maderich of the IUOE Local 891 and Donald Nesbit of District Council 37, Local 372.