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December 10, 2020

New York to Divest Its $226 Billion Pension Fund from Fossil Fuels
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The state of New York has announced plans to divest its $226 billion
retirement fund from most fossil fuel companies. The New York State
Common Retirement Fund is the third-largest public pension fund in the
United States. New York State Comptroller Tom Di Napoli said the fund
would divest from the riskiest oil and gas companies by 2025 and
decarbonize by 2040. The decision follows years of organizing by the
Divest NY campaign, which was launched after Hurricane Sandy. Bill Mc
Kibben, co-founder of 350.org, hailed the decision.

Bill Mc Kibben: "This is one of the really great, important moments.
This is the biggest pension fund to divest yet. It comes from the state
that is at the heart of the global financial system. That is, it is
smart money. And it comes after the long effort of the comptroller to
engage with these oil companies and try to knock some sense into them."



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