New York – State Senator Liz Krueger released the following statement today in reaction to reports that New York City Comptroller Scott Stringer will support divesting the city’s pension funds from coal:
Sen. Krueger is the sponsor, along with Assembly Assistant Speaker Felix W. Ortiz, of the Fossil Fuel Divestment Act (S.5873/A.8011-A), which would require the State Comptroller to divest the New York State Common Retirement Fund from all holdings in the 200 largest publicly traded fossil fuel companies, as defined by carbon content in the companies’ proven oil, gas, and coal reserves (the CU 200). Divestment from coal companies would be completed within one year; divestment from all other fossil fuel companies would be completed by January 1, 2020.
Sen. Krueger recently authored an op-ed in Crain’s, along with Assistant Speaker Ortiz and New York City Council Member Helen Rosenthal, outlining the financial risks of continued investment in fossil fuel producers. The full text of the op-ed can be read here.