Bloomberg
Eric Roston
When it comes to climate change, the people who oversee the New York City and State pension investments agree that the threat to people and property is real.
But that’s where the comity ends. New York State Comptroller Thomas DiNapoli prefers to use his leverage as a large shareholder to press fossil-fuel companies for change. New York City’s comptroller, Scott Stringer, is a divestment hawk who is calling for the city’s pensions to be out of fossil fuels within five years.
At stake in this version of the “engage” versus “divest” debate is billions of dollars. The New York State Common Retirement Fund, overseen by DiNapoli, topped $209 billion at the end of the year, and the city’s five pension funds together reached $193 billion, making them the third and fourth largest systems in the country.
“While our strategy might be more nuanced, or more complex to explain, I actually think it’s one that’s more targeted,” DiNapoli said in an interview. “So the challenge is, we’re trying to make sure we have the money we need, and do the right thing on the climate issue.”…
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