New York state considers cutting ties with major oil companies

New York State is on the brink of divesting over $1 billion from major oil companies, marking a significant move in fossil fuel divestment.

Nicholas Kusnetz reports for Inside Climate News.

In short:

• New York State Comptroller Thomas DiNapoli is reviewing the state's pension fund investments in big oil companies like Exxon and Chevron.
• The state's pension fund, one of the largest in the U.S., has already limited investments in coal firms and smaller oil companies.
• This decision could set a precedent for other large institutions in addressing climate change through financial strategies.

Key quote:

"The idea that over a decade into this fight we’re having an argument, in an overwhelmingly Democratic state, over whether Exxon or Shell or Chevron are doing a good job on climate is sort of baffling."

— Mark Dunlea, chair of the Green Education and Legal Fund

Why this matters:

New York's potential divestment from big oil highlights the growing recognition of the financial risks associated with climate change and the role of institutional investors in driving sustainable practices.

Should hospitals be next to divest from fossil fuels?