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Long Island News

SUNY System Retirement Plan Considering Reinvestment In Clean Energy

SUNY Chancellor Jim Malatras at Stony Brook University on Sept. 24, 2020.
J.D. Allen
/
WSHU
SUNY Chancellor Jim Malatras at Stony Brook University on Sept. 24, 2020.

The State University of New York will consider retirement plan options that divest from fossil fuels and reinvest in clean energy.

SUNY Chancellor Jim Malatras has announced plans to study new investment options for employees’ retirement plans that will include more companies committed to renewable energy and social responsibility.

Malatras said adding more clean energy options to the plan will help the planet and boost retirees’ pocketbooks.

“We don’t think it’s just good environmental sense. It’s good economic sense because that is the future. And that’s where you’re going to see all the economic development and jobs being created,” Malatras said.

A reinvestment plan could impact 100,000 SUNY retirement accounts worth about $23 billion.

Several institutions in the SUNY system, including Stony Brook University on Long Island, have recently passed resolutions in support of divestment from fossil fuels for their retirement plans.