Gov. Cuomo To Hunt Eco-friendly Pension Fund

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ALBANY — Gov. Cuomo on Tuesday proposed decreasing the state’s monetary carbon footprint in its $192.four billion pension fund — which he doesn’t management.

Within the newest rollout of initiatives to be included in his State of the State deal with subsequent month, Cuomo stated he would name for the pension fund to stop investing in fossil gasoline corporations.

Cuomo additionally stated he would work with state Controller Thomas DiNapoli — who controls the fund — to create a particular committee that might draft a “de-carbonization roadmap” to divest the fund of fossil gasoline investments.

DiNapoli, nevertheless, stopped in need of committing to Cuomo’s objective. “Whereas there aren’t any fast plans to divest our power holdings, I welcome the chance to accomplice with Gov. Cuomo and with the proposed advisory council to establish extra methods to proceed our progress in attaining funding returns, whereas contributing to the rising low-carbon financial system,” DiNapoli stated in a press release.

The pension fund has greater than $957 million invested in Exxon Mobil, rating it among the many fund’s greatest holdings, in accordance with the fund’s most up-to-date annual report.

E.J. McMahon, analysis director of the conservative-leaning Empire Heart for Public Coverage, slammed Cuomo’s proposal, saying pension fund investments must be based mostly on political motivations.

“It’s placing taxpayers extra in danger,” McMahon stated.

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