Climate groups are urging State Comptroller DiNapoli to re-evaluate his conclusion in February 2024 that most large oil and gas companies were committed to effective climate action. That conclusion, contrary to the opinion of most climate researchers, was used by DiNapoli to justify his reversal of his commitment to divest from such companies. He made that commitment in exchange for legislators withdrawing legislation to require such divestment.
“DiNapoli’s continued insistence on investing billions of dollars in large oil and gas companies are bad for life on the planet and bad for the value of the pension fund, costing more than tens of billions of dollars. Fossil fuel companies over the last decade have been the worst performing stocks on Wall Street. If DiNapoli is truthful in his desire to both protect the retirement fund and support climate action, he needs to dump these gas and oil companies that are driving climate change,” said Ruth Foster of DivestNY. DivestNY is a statewide campaign of more than a dozen climate groups that help coordinate work on divestment at the state and NYC levels.
“I think it’s extremely clear that, far from being serious about climate action, the oil industry has spent the last months rallying around an administration that flat out denies the existence of climate change, in order to carry on its current business plan as intact as possible. I imagine that not a single New Yorker, on any side of the question, would be in doubt about this,” said Bill McKibben of Third Act.
“The future of our climate and the hard-earned pension dollars of the fund members can’t be risked with continued investments in fossil fuels. As the Secretary-General of the United Nations has warned, we no longer have time left to halt runaway climate change,” added Mark Dunlea of PAUSE (People of Albany United for Safe Energy) / 350Albany.
“New York financing its own destruction makes no sense, full stop. There are no retirees on a dead planet. Meanwhile, oil and gas companies like Exxon are also a dog of an investment, and Tom DiNapoli’s lost many billions of dollars by clinging to them for 16 years now,” said Pete Sikora, climate campaigns director for New York Communities for Change.
“Why did Comptroller DiNapoli spend the time and expense of creating a Climate Action Plan if he refuses to follow it? He still has public pension funds invested in coal, oil, and gas companies. He knows what these investments are doing to the planet, and that they’re underperforming and financially risky. Still he refuses to act. DiNapoli is risking the retirement money of thousands of hard-working New Yorkers. Why is he risking our future?” Dorian Fulvio, 350NYC steering committee member
DivestNY has also urged the state legislature to hold hearings on the climate records of the big oil and gas companies, especially since the divestment legislation that was withdrawn had almost a majority of legislators sponsoring the bill in both houses. DivestNY noted that at least one of the primary challengers to DiNapoli in next year’s election, Raj Goyle, has called for fossil fuel divestment.
A report in 2018 by Corporate Knights found that the state retirement fund would have had an extra $22 billion if it had divested from fossil fuels a decade earlier.
The need to stop investing in fossil fuels is growing more urgent as extreme weather is accelerating worldwide. The time to avoid climate collapse is rapidly running out yet New York, the US, and most of the world is retreating from climate action. The world is producing too much coal, oil and natural gas to meet the targets set 10 years ago under the Paris Agreement. A new report shows countries plan to produce more than twice the amount of fossil fuels in 2030 than would be consistent with limiting global heating to 1.5 degrees Celsius (2.7 degrees Fahrenheit). Another recent study by scientists recently warned that the planet’s remaining carbon budget to meet the international target of 1.5C has just two years left at the current rate of emissions.
Carbon Tracker recently ranked oil and gas companies’ climate performance (Paris Maligned III, April 2025). The analysis found all producers assessed remain far from Paris-aligned, with many moving in the wrong direction. “Our analysis underscores doubts that the sector is able or willing to set itself on a pathway to align with the Paris Agreement goals. Investors with climate mandates will need to question continued positions in these companies.”
The report examined: Investment options; Recent project sanctions; Production plans; Greenhouse gas emissions targets; Methane emissions targets; Executive remuneration). The highest rankings was an A, the lowest was H. All of the companies that DiNapoli said were good on climate receive low rankings of F or G: F for BP, Chevron, Occidental, Shell, and Saudi Arabia Oil Company; and G for Petrobas and Petra China. Exxon received an H, though DiNapoli did give it a failing grade. (DiNapoli, however, has insisted on continuing to invest over half a billion dollars in Exxon, arguing that he cannot divest those funds because it is a passive investment, an argument that is hard to justify.)
A report by Oil Change International documented that “Since the Paris Agreement especially, big oil and gas companies have published a succession of climate pledges and plans. What they lack in ambition, they make up for in questionable accounting, misleading information, and greenwashing. The case for keeping oil, gas, and coal in the ground has never been stronger, but the reality is that big oil and gas companies continue to resist and block a fast and fair transition to clean, renewable energy… All companies’ climate plans fail to align with international agreements to phase out fossil fuels and to limit global temperature rise to 1.5 degrees Celsius (°C). Every company is “Grossly Insufficient” or “Insufficient” on a majority of criteria.”
Similar findings have been found by Climate Action 100+, which tracks the climate record of 169 companies that are critical to the effort to reduce greenhouse gas emissions.
The Financial Times in August highlighted that Big Oil heeds call to ‘drill, baby, drill’ as green transition slows. “The world’s leading oil companies are stepping up their hunt for new oil and gas reserves, as a slower than expected transition to clean energy sets the stage for stronger fossil fuel demand for decades to come.“
DiNapoli did not put out a detailed report justifying his determination that most of the large gas and oil companies were committed to climate action. Divest NY, through an FOI request, was able to review the responses submitted by the companies to DiNapoli’s request. DivestNY found them vague and cursory, often including little more than references to their annual reports. DiNapoli refused to engage in an open public process to solicit input from climate scientists and independent experts.
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