WXXI AM News

NY panel to look at ending state fossil fuel investments

Mar 18, 2018

Credit WXXI News / Alex Crichton

ALBANY, N.Y. (AP) — There's a new state panel investigating how New York's pension system can pull investments in fossil fuel companies.

Gov. Andrew Cuomo and State Comptroller Thomas DiNapoli announced the creation of the "Decarbonization Advisory Panel" earlier this month.

Made up of experts form the investment, energy, environmental and legal industries, the panel will advise DiNapoli on ways the state's more than $200 billion pension system can reduce its investments in fossil fuel companies while increasing investments in clean energy.

Cuomo and DiNapoli, both Democrats, say the goal is to encourage advancements in clean energy while reducing investment risk.

Divesting from fossil fuels has long been a goal of many environmental advocates, who say the state shouldn't invest in fossil fuel companies when it's working to reduce its carbon emissions.