City and state pension funds must phase out their fossil-fuel investments before global action on climate change sends their value into the tank
New York – Today, in an op-ed published in Crain’s New York Business, Council Member Helen Rosenthal, State Senator Liz Krueger, and Assembly Assistant Speaker Felix Ortiz called on New York City and State officials to fully divest their pension funds from all fossil fuel holdings. Citing concerns about the risks of fossil fuel investments, as well as the goal of reducing emissions, Rosenthal, Krueger, and Ortiz encouraged State Comptroller Tom DiNapoli, Mayor Bill de Blasio, and City Comptroller Scott Stringer to build on the Mayor’s recent announcement that he would push the city’s pension funds to divest from coal and study divesting from all fossil fuels.
Council Member Rosenthal has long pushed for divestment at the city level. Senator Krueger and Assistant Speaker Ortiz co-sponsor the Fossil Fuel Divestment Act (S.5873/A.8011-A), which would require the state pension fund to divest from the top 200 fossil fuel companies by 2020.
Full text of the op-ed is available here.