In response to New York State’s announcement on Wednesday that its pension fund, one of the world’s largest, has set a net zero carbon emissions target for its investment portfolio by 2040, the Institute for Energy Economics and Financial Analysis (IEEFA) released the following statement.
“IEEFA applauds New York State Comptroller Thomas P. DiNapoli’s decision to divest from fossil fuel companies and scrutinize the climate impact of other companies in the portfolio as well. This decision makes sense financially and displays bold leadership that should inspire other institutional investors the world over to follow suit,” said IEEFA’s executive director Sandy Buchanan.
The New York State pension fund has some $226 billion in assets that comprise the retirement savings of 1.1 million state and municipal employees. The new policy affects not only fossil fuel companies but other major investments and their ability to meet established climate goals.