Panel: Transition NY pension fund to adapt to climate change

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ALBANY, NY – MARCH 16: The New York State Capitol is seen March 16, 2008 in Albany, New York. Lt. Gov. David Paterson will be sworn in here on March 17, replacing Gov. Eliot Spitzer who resigned last week in a prostitution scandal. (Photo by Chris Hondros/Getty Images)

ALBANY, N.Y. (AP) — An advisory panel recommends New York state’s $200 billion public employee pension fund be transitioned to 100 percent sustainable assets by 2030 to adapt to climate change.

State Comptroller Thomas DiNapoli released the Decarbonization Advisory Panel’s report Tuesday. He said his staff will develop a climate action plan based on the report.

The panel of investment and environmental experts didn’t recommend the fund divest specific stocks. But Mark Dunlea, former Green Party candidate for comptroller, says it lays the groundwork to divest the fund from fossil fuels.

The panel also recommended increasing the fund’s commitment to investments with a proactive approach to climate risk and opportunity.

The six-member panel was established a year ago to help the pension fund reduce the risk of investing in companies with environmental liabilities.

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