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NYS Comptroller



From the Office of the New York State Comptroller

Thomas P. DiNapoli

March 28, 2017, Contact: Press Office (518) 474-4015

DiNapoli Criticizes Ill-Conceived Presidential Executive Order

"Today's Presidential Executive Order is yet another ill-conceived and dangerous attack on environmental protections. Along with the President's previous proposals to gut the Environmental Protection Agency's budget by 31 percent and roll back protections for clean air and water, this action would decimate 40 years of work to reduce pollution in America, pushing our country backwards.

"Delaying, weakening or eliminating the Clean Power Plan, easing restrictions on flaring of methane from gas wells and eliminating climate change from the National Environmental Policy Act are acts of willful denial regarding the reality of climate change.

"While the Executive Order does not remove the U.S. from the Paris agreement, today's policy actions undercut our nation's ability to live up to its obligations under the agreement. Such commitments are important to protect all Americans and our economy from the worst impacts of climate change.

"Climate change is one of the greatest risks facing the global economy, and many of the investments of the New York State Common Retirement Fund. As shareholders, we will continue to challenge companies to adjust their business operations so they can be sustainably profitable and advocate for smart environmental regulation. For businesses and investors with foresight, addressing climate risk is an opportunity to develop new ideas, new technologies and a new, cleaner economy.

"By ignoring both the problem and its solutions, the Administration will make it much more difficult for U.S. companies and workers to benefit and profit at the forefront of the rapidly developing global low carbon economy.

"I will continue to stand-up and be vocal when this Administration actively undermines the health and safety of New Yorkers, and threatens the long-term profitability of the companies in which the New York State Common Retirement Fund invests."

Over the last decade, Comptroller DiNapoli has been a leading investor voice for better corporate practices on climate change and the environment to safeguard the $186 billion New York State Common Retirement Fund and to promote a more environmentally sound, low-carbon economy. In 2016, the Comptroller engaged with seven major energy companies in the Fund's portfolio asking them to explain how they could adapt their business models to increase the generation of low-carbon electricity.

Albany Phone: (518) 474-4015 Fax: (518) 473-8940
NYC Phone: (212) 383-1388 Fax: (212) 681-7677