Comptroller DiNapoli cost New Yorkers over $22 billion for refusing fossil fuel divestment

With NYS Comptroller’s office mired in controversy, New Yorkers escalate call for fossil fuel divestment

The New York State Common Retirement Fund could have been $22 billion richer if the fund divested its fossil fuels stocks 10 years ago, according to a new analysis released today by research and media firm Corporate Knights. That works out to more than $19,820 for each of the fund’s 1,122,626 members and retirees, an amount that would have covered more than 30 percent of the costs from 2012’s climate change fueled Superstorm Sandy.

This comes one week after WNYC investigative reports revealed an egregious potential conflict of interest in the pension office of State Comptroller Thomas DiNapoli. The WNYC report showed former CIO Vicki Fuller left her position at New York State Comptroller Thomas DiNapoli’s office in July, and then immediately assumed a $300,000 director position with Williams Pipeline Company after increasing state investments in the company to $160 million. Over 30 groups are demanding an investigation of the alleged conflict of interest from the NYS Joint Commission on Public Ethics (JCOPE).

“By refusing to divest from fossil fuels, the Comptroller DiNapoli is deciding to be on the wrong side of history, and it’s costing New Yorkers billions in foregone profits,” said Richard Brooks with 350.org. “DiNapoli need look no further than New York City for real climate leadership: cut investments in dirty coal, oil and gas companies and invest in real climate solutions.”

To date, 988 institutional investors representing $7.17 trillion in asset have committed to some level of fossil fuel divestment, a more than 120-fold increase from four years ago, according to the fourth Global Fossil Fuel Divestment and Clean Energy Investment Movement report by Arabella Advisors released during the California-based Global Climate Action Summit.