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New York governor proposes plan to rid state pension fund of fossil fuel investments

Governor Andrew Cuomo revealed his proposal to divest the $200 billion New York State Common Retirement Fund (Common Fund) from fossil fuel investments, favoring, instead, significant dedication of the portfolio to investments that advance clean energy. Cuomo asserts that this plan would not only help achieve the state’s clean energy goals, but would also provide a more secure retirement fund to New Yorkers, since fossil fuel investments are part of an “energy economy of the past.” Although no definitive plans have but put into motion yet, State Comptroller Thomas DiNapoli and the Governor will establish an advisory committee, which will help come up with a “de-carbonization roadmap” for the Common Fund moving forward.

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