ALBANY - State Comptroller Thomas DiNapoli said Friday he is raising the state pension fund’s investment to $5 billion in environmentally cleaner companies and exclude or reduce investments in large producers of carbon emissions, such as the coal mining industry.
DiNapoli is using the massive power of the $185.5 billion state pension to invest in low-carbon emitting companies, which can provide capital that can help businesses flourish. The fund already devoted $1.5 billion to investing in companies such as wind farms and alternative energy companies that contributed to lowering carbon dioxide levels worldwide.
The Democrat made the announcement while he was a panelist at the international climate change conference in Paris.
“Low-carbon, sustainable investments are key to our future,” DiNapoli said. “It’s an approach to low carbon investment that we can expand across all asset classes and help spur the kind of innovation and ideas that will assist in the transition to a low carbon economy.”
DiNapoli said he will raise the pension’s fund investment in low-carbon producing companies without risk to the pension’s fund’s return on investment.
The pension fund serves more than 1 million state and local government workers and retirees. DiNapoli is the sole trustee of the fund and directs its investments.