NY Senate to hold hearing on fossil fuel divestment
ALBANY, N.Y. (AP) — New York state lawmakers are taking a closer look at proposals to pull state pension investments in fossil fuel companies.
The Democrat-led state Senate has scheduled a hearing for Tuesday focusing on the impact fossil fuel divestment would have on the state’s pension fund.
Gov. Andrew Cuomo and state Comptroller Thomas DiNapoli, both Democrats, have created a panel to study ways the state’s more than $200 billion pension system can reduce investments in fossil fuel companies while increasing investments in clean energy.
Divesting from fossil fuels has long been a goal of many environmental advocates, who say the state shouldn’t invest in fossil fuel companies when it’s working to reduce its carbon emissions.