Yesterday, New York State Comptroller Thomas DiNapoli announced that over the next five years, the state’s $226 billion employee pension fund would divest fossil fuel stocks and shares of other companies that do not meet the fund’s new target of net-zero greenhouse gas emissions by 2040.
“This announcement by Comptroller DiNapoli is the latest and loudest in a series of necessary ultimatums from major investors who have said enough to fossil fuels and the pollution they are responsible for. We especially applaud the tireless and inspiring work of New York’s corps of activists, including our Climate Reality Leaders who have worked with DivestNY to call for public divestment from dirty portfolios. The writing is on the wall: investors want no part in the risks fossil fuels pose to the fate of people, economies, and our entire planet. We hope this is a clarion call to pension funds across the country and around the world, and we stand with our Climate Reality Leaders demanding divestment everywhere.”