Climate Finance Policy Engagement Analysis
Climate Lobbying Overview: The New York State Common Retirement Fund (NYSCRF) or (CRF), managed by New York State Comptroller Thomas DiNapoli, has been supportive of a range of climate-related policies including mandatory climate disclosure, rules governing shareholder rights, and federal emissions regulations.
Top-line Messaging on Climate-Related Financial Policy: In its 2022 Climate Action Progress Report CRF supported action to achieve zero-carbon economies, and in 2021 and 2022 the Comptroller’s Office signed joint statements in support of net-zero by 2050.
Position on Regulated Corporate Climate Disclosure: The CRF has been supportive of regulated corporate climate disclosure. In comments on the SEC’s proposed climate disclosure rule in 2022, the CRF advocated for increased ambition, supporting mandatory Scope 3 emissions disclosure and the inclusion of transition plan disclosures. After the SEC adopted its final rule in 2024, Comptroller DiNapoli stated that investors “must be vocal in the protection” of the rule.
Position on Incorporating Climate Factors Into Investor Duties: The CRF has supported incorporating climate factors into investor duties, including opposing efforts to limit shareholder rights and climate investing. In 2021 and 2022 CRF supported Department of Labor regulations that sought to strengthen shareholder rights and permit the use of climate factors in decision-making, and in 2023 supported the Biden Administration’s decision to veto a congressional resolution that sought to overturn these regulations. In a March 2023 press release Comptroller DiNapoli called the congressional resolution a “misguided attempt to politicize investment decisions.” Also in 2023 the CRF signed a joint statement advocating for policymakers to ensure investors are able to consider material climate factors in their decision-making.
Position on Real Economy Climate Policy: The CRF has engaged in support of methane and other emissions standards at the US Environmental Protection Agency (EPA). In a 2021 joint letter to the EPA, the CRF advocated for the agency to adopt the most stringent emissions standards for light-duty vehicles proposed. In 2022 comments, Comptroller DiNapoli advocated for increased ambition in the EPA’s proposed standards for methane emissions, suggesting the agency expand monitoring requirements to smaller wells, require an end to routine flaring, and establish an emissions reporting framework based on actual, rather than factor-based, emissions measurement. The Comptroller reiterated this support and advocated for finalization of the methane standards in 2023 comments to the Agency. Also in 2023 comments to the EPA, the Comptroller supported, and advocated for expansion and acceleration of, proposed emissions standards for fossil fuel-fired power plants.
Position on Energy, Industry, and Land Transition: The CRF is strongly supportive of the transition of the energy mix. In 2021, the Comptroller joined a letter calling on Congress to pass Biden’s American Jobs Plan to decarbonize the economy. A 2023 CRF Report outlines how New York should employ government incentives, funding, and permitting reform to accelerate the development of renewables and decarbonize the power sector. In its 2023 Climate Action Progress Report the CRF appears supportive of the climate investments in the Inflation Reduction Act.
Industry Association Governance: The CRF has disclosed its membership to the Council of Institutional Investors (CII), which is the only relationship InfluenceMap has tracked, but gives no details of CII's climate-related policy advocacy. CII has engaged in support of climate-related financial policy.
InfluenceMap collects and assesses evidence of corporate climate policy engagement on a weekly basis, depending on the availability of information from each specific data source (for more information see our methodology). While this analysis flows through to the company’s scores each week, the summary above is updated periodically. This summary was last updated in Q2 2024.