Bill would ban state pension investments in fossil fuels

May 8, 2017
Originally published on May 8, 2017 6:30 am

color:#333333">ALBANY, N.Y. (AP) — Legislation introduced in the New York State Senate and Assembly would prohibit the state's pension fund from investing in big oil, gas or coal companies.

color:#333333">The Fossil Fuels Divestment Act would end any investments in the 200 largest publicly traded companies that deal in coal, oil or natural gas.

color:#333333">Supporters say the proposal would send a signal to Wall Street about the need to address climate change and shift to renewable energy.

color:#333333">Critics say the measure is politically motivated and could backfire by limiting the state's ability to invest pension funds.

color:#333333">Lawmakers and environmental advocates who support the divestment bill plan to hold a press conference on the bill Monday at the state Capitol.