Article of Interest: State and City Leaders Take Different Approaches to Pension Fund Divestment from Fossil Fuel Companies

Posted: August 14, 2019

As New York makes greater strides towards a fossil-free future, some officials realize the effect a full divestment from fossil fuels could have on the pension funds for retirees.

State Comptroller Thomas DiNapoli and NYC Comptroller Scott Stringer have both acknowledged the need to move past the fossil fuel industry. While Stringer has initiated investing in new funds in order to divest from fossil fuels, DiNapoli has advocated for holding discussions with the fossil-fuel industry on how to move towards carbon-free initiatives.

“When we make judgements about where to put the pension fund, we put it in the best interests of the state,” DiNapoli has said on the subject.

“New York City is planting the seed for a clean, green, and thriving economy that can truly support future generations,” Stringer said in a statement to Gotham Gazette. The city has “taken this first-in-the-nation step toward divestment to protect both the retirement security of our city’s workers and the future of our planet.”

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GOTHAM GAZETTE: ‘It’s What I Was Elected To Do’: State and City Leaders Take Different Approaches to Pension Fund Divestment from Fossil Fuel Companies