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NEWS from the Office of the New York State Comptroller
Contact: Press Office 518-474-4015

DiNapoli Statement on the Governor’s 9th Proposal for the 2018 State of the State

December 19, 2017

New York State Comptroller Thomas P. DiNapoli released the following statement today in response to the Governor’s 9th Proposal for the 2018 State of the State, related to the New York State Common Retirement Fund:

"The New York State Common Retirement Fund is a leader among public pension funds that are investing to build a low carbon economy and urging corporations to tackle climate risk.

"We've shown that shareholders have the power to compel major corporations, like ExxonMobil, to address climate change.

"Our $2 billion low-carbon index shifts investments from the worst emitters to those companies that reduce their greenhouse gas emissions. We will be expanding this effort in 2018. The Fund’s commitment to sustainable investments is $5 billion and growing. For all of this and more, the state pension fund has been recognized as the top U.S. investor, and third globally, for its climate change work by the Asset Owners Disclosure Project.

"While there are no immediate plans to divest our energy holdings, I welcome the opportunity to partner with Governor Cuomo and with the proposed advisory council to identify additional ways to continue our progress in achieving investment returns, while contributing to the emerging low-carbon economy.

"As trustee of the pension fund, I participated in the U.N. conferences in Paris and in Bonn and witnessed the worldwide determination to limit global warming. President Trump has abandoned the Paris Agreement on Climate Change, but in New York #WeAreStillIn.

"I will continue to manage the pension fund in the long-term best interests of our members, retirees and the state’s taxpayers."