{"id":1285649,"date":"2022-02-09T14:53:28","date_gmt":"2022-02-09T19:53:28","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1285649"},"modified":"2022-02-09T14:53:41","modified_gmt":"2022-02-09T19:53:41","slug":"new-york-to-divest-pensions-from-fossil-fuel-companies-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-to-divest-pensions-from-fossil-fuel-companies-2\/","title":{"rendered":"New York To Divest Pensions From Fossil Fuel Companies"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnew-york-to-divest-pensions-from-fossil-fuel-companies-2%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1285649&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The State of New York announced that its retirement fund would divest $238 million from companies that are \u201cnot prepared for net zero transition.\u201d<\/p>\n<p>The state will divest from 21 oil and gas companies \u2014 including Chesapeake Energy, Hess, Laredo and Oasis Petroleum \u2014 which it determined to be pursuing activities counter to green energy goals, <a href=\"https:\/\/www.osc.state.ny.us\/press\/releases\/2022\/02\/dinapoli-restricts-investments-21-shale-oil-gas-companies\">according<\/a> to New York State Comptroller Thomas DiNapoli. The fresh restrictions on investment are part of the comptroller\u2019s so-called climate action plan to ensure capital was put toward the promotion of a low-carbon economy.<\/p>\n<p>\u201cAs market forces and new policies drive the energy transition, we must align our investments with a profitable and dynamic future,\u201d DiNapoli said in a statement Wednesday. \u201cThe shale oil and gas industry faces numerous obstacles going forward that pose risks to its financial performance.\u201d<\/p>\n<p>\u201cTo protect the state pension fund, we are restricting investments in companies that we believe are unprepared to adapt to a low-carbon future,\u201d he said. <strong><a href=\"https:\/\/dailycaller.com\/2021\/11\/23\/boston-fossil-fuel-industry-divestment-michelle-wu\/\">(RELATED: \u2018Boston Green New Deal\u2019: Boston To Divest From Fossil Fuels, 15% Of City\u2019s Revenue)<\/a><\/strong><\/p>\n<p>DiNapoli has plans to convert the $279.7 billion state pension plan to a net zero fund by 2040, his office previously <a href=\"https:\/\/www.osc.state.ny.us\/press\/releases\/2020\/12\/new-york-state-pension-fund-sets-2040-net-zero-carbon-emissions-target\">announced<\/a>.<\/p>\n<p>In August 2021, the comptroller <a href=\"https:\/\/www.osc.state.ny.us\/press\/releases\/2021\/08\/dinapoli-announces-more-climate-actions-nys-pension-fund-launches-evaluation-shale-oil-and-gas\">divested<\/a> the fund from oil sands and coal companies. DiNapoli said he would next evaluate the integrated oil and gas companies the pension fund is invested in, according to the announcement Wednesday.<\/p>\n<div id=\"attachment_7369607\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7369607\" class=\"size-full wp-image-7369607\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/02\/GettyImages-169597483-scaled-1-1.jpg\" alt=\"New York State Comptroller Thomas DiNapoli delivers remarks at Baruch College on May 28, 2013 in New York City. (John Moore\/Getty Images)\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/02\/GettyImages-169597483-scaled-1-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2022\/02\/GettyImages-169597483-175x120.jpg 175w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2022\/02\/GettyImages-169597483-620x425.jpg 620w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2022\/02\/GettyImages-169597483-768x526.jpg 768w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2022\/02\/GettyImages-169597483-1536x1053.jpg 1536w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2022\/02\/GettyImages-169597483-2048x1404.jpg 2048w\" \/><\/p>\n<p id=\"caption-attachment-7369607\" class=\"wp-caption-text\">New York State Comptroller Thomas DiNapoli delivers remarks at Baruch College on May 28, 2013 in New York City. (John Moore\/Getty Images)<\/p>\n<\/div>\n<p>While the review of fossil fuel investments has been sweeping, it has only led to a small fraction of divestment. Wednesday\u2019s divestment, for example, represented just 0.0009% of the pension funds and half of the companies reviewed by the comptroller were deemed to be \u201cprepared\u201d for a low carbon future.<\/p>\n<p>The New York State Common Retirement Fund is among the nation\u2019s largest pension funds and invests assets on behalf of more than a million state government employees and retirees and their beneficiaries, according to the comptroller.<\/p>\n<p>Overall, 1,500 global institutions have announced variations of fossil fuel divestment plans, a database managed by the environmental group Stand <a href=\"https:\/\/divestmentdatabase.org\/\">showed<\/a>. In November 2021, the Boston City Council <a href=\"https:\/\/dailycaller.com\/2021\/11\/23\/boston-fossil-fuel-industry-divestment-michelle-wu\/\">approved<\/a> plans to entirely divest from the fossil fuel industry by 2025.<\/p>\n<p>\u201cIn this closing window of time to act, Boston must lead by taking every possible step for climate justice,\u201d Democratic Boston Mayor Michelle Wu said at the time.<\/p>\n<p>In October, the Biden administration <a href=\"https:\/\/www.dol.gov\/newsroom\/releases\/ebsa\/ebsa20211013\">proposed a rule<\/a> that would remove Trump-era barriers for private fiduciaries that want to invest in climate-friendly portfolios on behalf of beneficiaries.<\/p>\n<p>Reuters <a href=\"https:\/\/www.reuters.com\/business\/finance\/exclusive-new-york-pension-fund-divest-half-its-shale-companies-2022-02-09\/\">first reported<\/a>&nbsp;New York\u2019s divestment Wednesday.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The State of New York announced that its retirement fund would divest $238 million from companies that are \u201cnot prepared for net zero transition.\u201dThe state will divest from 21 oil &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1285649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1285649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1285649"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1285649\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1285649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1285649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1285649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}