DiNapoli Goes to Poland to Defend Investing in Fossil Fuels

Dunlea Slams Comptroller DiNapoli for Flying to Poland to Support Continued Investment in Fossil Fuels

Says DiNapoli should talk to European and Canadian pension funds about investment in renewables

Mark Dunlea, the recent Green Party candidate for State Comptroller, said it was a waste of state resources for Tom DiNapoli to fly to Poland to argue in support of his investment of more than ten billion dollars in fossil fuel companies.

“World leaders are meeting in Poland to discuss how to dramatically increase climate action in the next 12 years to avert climate disaster. They are going to discuss how to halt the burning of fossil fuels as quickly as possible. Instead, Tom DiNapoli wants to argue in favor of keeping billions of dollars of public pension funds in fossil fuel companies so he can ‘talk’ to them about climate change. What he should do instead is talk to pension fund managers from Europe and Canada as to why they are investing billions of dollars in renewable energy like offshore wind,” noted Dunlea, chair of the Green Education and Legal Fund.

The NYS Attorney General recently announced a lawsuit against Exxon for defrauding investors including the state pension fund for lying about the reality of climate change and the risks posed by burning fossil fuels.

DiNapoli is nominally going to the world climate summit in Poland to announce that he has increased his commitment to sustainable investments in the $200 billion plus state pension fund to $10 billion.

“Tom seems to grasp the concept the we need climate solutions but he still wants to invest billions in the companies that are causing climate change and destroying life on our planet. It makes no sense,” Dunlea added.

Climate activists have pointed out that besides being morally wrong, investing in fossil fuels is increasingly financially risky. A recent study showed that if DiNapoli had divested from fossil fuels when he was first appointed Comptroller by the legislature a decade ago, the state pension fund would have an extra $22 billion.

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