New York State, however, hit immediate opposition from the State Comptroller, Tom DiNapoli.<\/p>\n DiNapoli is far from a climate denier. In fact, he wears his climate accolades proudly. However, when it comes to the pension portfolio, he prefers to \u201ckeep a seat at the table\u201d of the world\u2019s fossil fuel companies. In fact, DiNapoli is a self-styled champion of the shareholder engagement crowd, especially in the wake of a resolution filed with Exxon last year demanding the company produce a report on climate-related risks to its business. The resolution won a landmark 62% of shareholder votes, and DiNapoli touted the win as if Exxon had agreed to become a solar company. \u201cExxon\u2019s decision demonstrates that investors have the power to hold corporations accountable and to compel them to address our very real climate-related concerns,\u201d\u00a0published<\/a>\u00a0DiNapoli on NYS\u2019s government website.<\/p>\n In very predictable fashion, after much delay, and only after shareholder\u2019s threatened to file another resolution, Exxon then published a report telling shareholders it envisions an energy future where 90% of Exxon\u2019s 2016 proven reserves will be developed by 2040 (pg. 10). And don\u2019t fret too much about stranding the remaining 10% of reserves. Maybe new technologies will allow Exxon to extract those, too. Exxon proclaimed that even the global commitment to keep the world below 2\/1.5C codified in the Paris Climate Agreement will have limited impact on their bottomline. Despite pronouncement in support of the agreement, Exxon has revealed their true plan is to keep on drilling, amass profits, world be damned.<\/p>\n We find ourselves another year down the road of business as usual. Exxon has announced a large scale investment program for new drilling in the United States; Exxon is number one in\u00a0political spending<\/a>\u00a0to block climate action; all while the physical tolls of the climate crisis are intensifying.<\/p>\n This seems like a fine time to lift the lid on the holdings of the third largest pension system in the US. Before we do, New York should be commended for supplying a comprehensive list of fund holdings. Not every public fund is as transparent, and we appreciate the openness. The latest available list of holdings from the New York State Common Retirement Fund (NYSCRF) is from March 31, 2017.<\/p>\n Here\u2019s what we see.<\/p>\n![\"\"](\"https:\/\/gofossilfree.org\/wp-content\/uploads\/2018\/04\/Screen-Shot-2018-04-13-at-9.40.40-AM.png\")
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