SHARE:
State Comptroller Thomas DiNapoli announced a plan on Wednesday to get New York’s $226 billion pension fund to review and divest from many fossil fuel companies and reduce carbon emissions in its portfolio. The announcement marks a shift for DiNapoli, who has long held out against calls from climate change activists to dump the $2.6 billion the fund has invested in fossil fuels.
Over the course of four years, the New York State Common Retirement Fund will review and divest from any oil, gas and pipeline companies that don’t have plans to transition away from fossil fuels, assuming the divestment presents no long-term financial harm to the fund. DiNapoli has also committed to reviewing the fund’s entire portfolio to ensure the firms it invests in are on track to hit net-zero greenhouse gas emissions by 2040.
A M Roundup: Cuomo said state will need to raise taxes to offset deficit timesunion.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timesunion.com Daily Mail and Mail on Sunday newspapers.