New York’s pension funds are wholly controlled by State Comptroller Tom DiNapoli, an elected official. Comptroller DiNapoli prefers remaining invested in fossil fuel companies and attempting to engage their boards to act on climate despite engagement having no track record of success on climate. There has been no significant action on climate change from shareholder advocacy over the last two decades.
In less than 5 years, the global fossil fuel divestment movement has won over 1000 commitments worth nearly $8trillion from institutions ranging from universities and banks, to the world’s largest sovereign wealth funds and major capital cities.
Research firm Corporate Knights revealed that the pension fund would be $22 billion richer had it divested from fossil fuel stocks in 2008. That’s almost $20,000 for of each of the pension fund’s 1.1 million members & retirees. It’s time to #DivestNY