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The United States flag hangs outside the New York Stock Exchange. (Image: Dan Nelson via Flickr)
The United States flag hangs outside the New York Stock Exchange. (Image: Dan Nelson via Flickr)

New York lawmakers want state pension fund to drop oil companies

ALBANY, N.Y. (AP) — Nearly a dozen state lawmakers want New York’s public pension fund to drop stock holdings in oil, gas and coal companies as part of a movement against global warming.

Sponsors say climate change threatens New Yorkers’ safety, health and wealth by raising sea levels, increasing storm intensity and droughts, threatening biodiversity, damaging property and raising insurance, health care and government costs.

Senate and Assembly bills, with 21 sponsors, would require the fund to divest holdings in the 200 largest publicly traded fossil fuel companies within a year and from all others by 2020.

Comptroller Thomas DiNapoli, trustee of the $178.3 billion fund for public workers, has joined with other investors in shareholder resolutions calling on oil companies to assess impacts of meeting a 2-degree cap on global warming this century.

In related news, New York cracks down on independent energy retailers.

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