The change was eight years in the making, but New York State Comptroller Tom DiNapoli’s decision to divest the state’s massive pension fund from fossil fuels over four years is an enormous victory for environmentalists, according to climate activists and author Bill McKibben.
“It’s a huge part of this global divestment effort that’s now at about $15 trillion,” McKibben told Capital Tonight. “Look, the Pope and the Queen of England have both divested in the course of this year but they don’t have as much money as the Comptroller of the State of the New York. It’s the largest pension fund that divested yet, breaking the record set three years ago by Scott Stringer who divested the City’s pension fund.”
The latest state pension fund valuation is at $226.4 billion.
I know that has been a big fight for a long time for a lot of people. I am also a member of the state pension system and I think it does send a strong message on what should be future investments of the fossil industry.
But I also understand the hesitance of the state to divest for wi many years. Indeed, my personal portfolio is a bit heavier on energy stocks compared to the market as whole, as I bought some years ago as a hedge against energy price driven inflation / recession.
I also think the energy industry is primed to be in the forefront of the renewable energy industry, just because energy companies own a lot of land and infrastructure like power lines and transformers. And it's not like we don't all use fossil energy - I like my big jacked up truck. Even if my future property is small and off grid, I'll still need diesel for my tractor and pick up truck, propane for cooking, and lots of products made using fossil fuels. Or the plastic wrapper the food comes in and goes up in smoke in the burn barrel. But cities need to go on a diet from all the massive fossil fuels they consume.
Climate change is real and effects us all, especially those who live close to the land. But it's also mainly an urban problem caused by high emissions or carbon from the cities. But it's a tough nut to crack. Much more difficult than power factor or even something like the ozone hole or water pollution.
