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It probably goes without saying, but in case you didn't know, New York State is really screwed up. We have a serious collective case of cognitive dissonance. In early January, we told you that the New York State Teachers’ Retirement System, with just over $1 billion under management, has decided to flush some of its money down the toilet by divesting from fossil energy companies (see NY State Teachers Union Harms Pensioners by Divesting Fossil Fuels). A few weeks later, two of New York City’s five retirement pension funds, representing 70% of the $239.8 billion retirement system, announced they would divest their portfolios of all investments in fossil fuel companies (see NYC Pension Funds Vote to Divest from Fossil Fuels Within 5 Years). And yet the New York State Common Retirement Fund, the third-largest public pension fund in the U.S. with assets of approximately $279.7 billion, continues to invest in fossil energy companies, including Marcellus/Utica companies.
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