Fossil Fuel Industry Pushes Back Against Divestment In NY
ALBANY, N.Y. (AP) — A study from an oil and gas trade group suggests it would be a bad idea for New York state to end its investments in fossil fuel companies.
The report was co-authored by a University of Chicago law professor and underwritten by the Independent Petroleum Association of America.
It concludes that divesting from fossil fuels would reduce the diversification of pension investments, decrease returns and increase risk.
Legislation introduced in the New York Senate and Assembly would prohibit the state pension fund from investing in large 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.