New York State is on the brink of divesting over $1 billion from major oil companies, marking a significant move in fossil fuel divestment.
Nicholas Kusnetz reports for Inside Climate News.
In short:
- New York State Comptroller Thomas DiNapoli is reviewing the state's pension fund investments in big oil companies like Exxon and Chevron.
- The state's pension fund, one of the largest in the U.S., has already limited investments in coal firms and smaller oil companies.
- This decision could set a precedent for other large institutions in addressing climate change through financial strategies.
Key quote:
"The idea that over a decade into this fight we’re having an argument, in an overwhelmingly Democratic state, over whether Exxon or Shell or Chevron are doing a good job on climate is sort of baffling."
— Mark Dunlea, chair of the Green Education and Legal Fund
Why this matters:
New York's potential divestment from big oil highlights the growing recognition of the financial risks associated with climate change and the role of institutional investors in driving sustainable practices.
