Quantcast
Environmental News for a Healthier Planet and Life

NY Pension Fund Will Divest From Fossil Fuels

Business
NY Pension Fund Will Divest From Fossil Fuels
Members of Divest New York States pension funds from fossil fuel picket where New York State Comptroller Thomas DiNapoli discussed the future of pension funds on March 26, 2018 in NYC. Erik McGregor / LightRocket / Getty Images

New York state's pension fund will sell all its fossil fuel stocks in the next five years and all shares from companies that contribute to climate change by 2040, the state comptroller Thomas DiNapoli announced Wednesday.


It is the most aggressive divestment target set by any U.S. pension fund by a decade. New York will also push companies in which it invests to take action to reduce their global warming pollution.

New York is one of the world's largest investors, with $226 billion in assets, and its move could accelerate global markets' shift away from oil and gas companies.

DiNapoli had resisted calls to divest from fossil fuels out of caution for the investment returns relied upon by the more than 1 million state and municipal workers who rely on the pension fund.

The decision to expunge the pension fund of fossil fuel stocks and other companies that contribute to climate change, he said, was driven by the need to protect the fund's long-term value.

"Divestment is a last resort, but it is an investment tool we can apply to companies that consistently put our investment's long-term value at risk," DiNapoli said in a statement.

For a deeper dive:

New York Times, NY State of Politics, Reuters, Bloomberg, Earther, Politico, HuffPost, Syracuse Post Standard, E&E, Fast Company, Talking Points Memo, The Hill, Grist, Wall Street Journal, S&P Global, MarketWatch, Responsible Investor; Commentary: New York Times, Bill McKibben op-ed, New York Daily News, Tom Sanzillo op-ed

For more climate change and clean energy news, you can follow Climate Nexus on Twitter and Facebook, sign up for daily Hot News, and visit their news site, Nexus Media News.

Sunrise over planet Earth. Elements of this image furnished by NASA. Elen11 / iStock / Getty Images Plus

On Thursday, April 22, the world will celebrate Earth Day, the largest non-religious holiday on the globe.

Read More Show Less
EcoWatch Daily Newsletter
NASA has teamed up with non-profit Carbon Mapper to help pinpoint greenhouse gas sources. aapsky / Getty Images

NASA is teaming up with an innovative non-profit to hunt for greenhouse gas super-emitters responsible for the climate crisis.

Read More Show Less
Trending
schnuddel / iStock / Getty Images Plus

By Jenna McGuire

Commonly used herbicides across the U.S. contain highly toxic undisclosed "inert" ingredients that are lethal to bumblebees, according to a new study published Friday in the Journal of Applied Ecology.

Read More Show Less
A warming climate can lead to lake stratification, including toxic algal blooms. UpdogDesigns / Getty Images

By Ayesha Tandon

New research shows that lake "stratification periods" – a seasonal separation of water into layers – will last longer in a warmer climate.

Read More Show Less
A view of Lake Powell from Romana Mesa, Utah, on Sept. 8, 2018. DEA / S. AMANTINI / Contributor / Getty Images

By Robert Glennon

Interstate water disputes are as American as apple pie. States often think a neighboring state is using more than its fair share from a river, lake or aquifer that crosses borders.

Read More Show Less