Syracuse Post Standard
Ted Skerpon
It appears that environmental groups are putting pressure on Gov. Andrew Cuomo and some elected leaders in Albany to divest fossil fuels from the New York state pension portfolio.
As chairman of the Utility Labor Council of New York, I have serious concerns about this proposal.
First, divesting fossil fuels from the pension fund is problematic. Most of the fossil fuel securities are part of larger funds that contain numerous securities. You cannot simply decide to divest from fossil fuels without it having a significant impact on the fund overall. The IBEW Utility Labor Council represents several hundred pension beneficiaries. It would be extremely harmful to them should this type of proposal move forward.
Read All