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Fossil-Fuel Divestment Bill Gains Supporters

Posted 5/6/19

The drive by climate-change activists to require the largest state pension fund to divest its fossil-fuel portfolio is picking up steam in Albany, despite the opposition from several public-employee unions worried that such a sell-off would hurt the fund’s bottom line.

The Fossil Fuel Divestment Act, sponsored by State Sen. Liz Krueger and Assemblyman Felix Ortiz, would require State Comptroller Thomas P. DiNapoli to divest the state’s holdings in 200 of the largest fossil-fuel corporations over the next five years, with a more expedited sell-off for poorly performing coal-company stocks.

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