New York Pension Fund Tied to Fracking
by Buck Quigley - posted 12:30 pm, August 22, 2012
As New Yorkers await governor Cuomo’s decision to lift the ban on high-volume horizontal fracking in the state, the Public Accountability Initiative (PAI) illustrates how billions of dollars from the state pension fund has been invested in frack companies—and then turned around and used to make campaign contributions and fund lobbying efforts to lift the moratorium on the controversial practice here.
A Siena poll finds that only 39 percent of New Yorkers support lifting the moratorium, while 38 percent oppose it. According to Siena pollster Steve Greenberg, a plurality of downstate Republicans support it, while a plurality of upstate Democrats oppose it. (Of course, the downstate New York City watershed will remain protected from fracking even if the DEC recommends lifting the ban for the upstate southern tier.)
Either way, if you work for the state, part of your paycheck has been, and continues to be used to fund efforts to legalize it.
Click here to read PAI’s new findings, wherein they ask the pertinent question: “Is New York putting pension funds—and the environment—at risk by investing in fracking?”