NY lawmakers want state pension fund to drop oil companies

This image provided by Lawrence Livermore National Laboratory shows Pacific and Atlantic meridional sections showing upper-ocean warming for the past six decades (1955-2011). Red colors indicate a warming (positive) anomaly and blue colors indicate a cooling (negative) anomaly. The amount of global-warming triggered heat energy absorbed by the seas has doubled since 1997, a new study showed. Scientists have long known that more than 90 percent of the heat energy from man-made global warming goes into the world’s oceans instead of the ground. And they’ve seen ocean heat content rise in recent years. But a new study using ocean observing data that goes back to the British research ship Challenger in the 1870s, includes high-tech modern underwater monitors and computer models, tracked how much man-made heat has been buried in the oceans in the past 150 years. (Timo Bremer/Lawrence Livermore National Laboratory via AP)

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.

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