LEADING THE WAY ON CLIMATE INVESTMENT Comptroller DiNapoli is taking bold steps to protect the State pension fund from the significant risks that climate change poses. That’s why the Fund invests in companies that are best positioned for a low-carbon future. This year, the Fund built upon its groundbreaking Climate Action Plan by setting a 2040 Net Zero Carbon Greenhouse Gas Emissions target, announcing new sustainable investments and, as a last resort, divesting from specific companies that aren’t transitioning to a low-carbon economy.
The Fund has been ranked as the top pension fund in the country in management of climate risk to investments by the Asset Owners Disclosure Project. ■ Net Zero GHG 2040 The Comptroller set a goal for the State pension fund to transition its portfolio to net zero greenhouse gas emissions by 2040. The Fund’s multi-faceted approach to achieving this ambitious goal includes investing in climate solutions, pressing companies and policymakers to address climate change and divesting high-risk assets, where consistent with fiduciary duty. ■ Divesting from Oil Sands Investments In April 2021, Comptroller DiNapoli divested State pension fund investments from Canadian oil sands firms which do not have viable plans to adapt to the low-carbon future. These oil sands companies produce highly carbon-intensive crude oil and pose significant risks to the Fund’s investments. ■ Divesting from Coal Producers In August 2021, Comptroller DiNapoli announced the Fund was divesting from five additional coal producers, as well as evaluating 42 shale oil and gas companies to determine if they are prepared for the transition to a low-carbon economy. —6—
