Bill would ban state pension investments in fossil fuels

By The Associated Press

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.

 

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.

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

Supporters say the proposal would send a signal to Wall Street about the need to address climate change and shift to renewable energy.

Critics say the measure is politically motivated and could backfire by limiting the state's ability to invest pension funds.

Lawmakers and environmental advocates who support the divestment bill plan to hold a press conference on the bill Monday at the state Capitol.

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