NYC Comptroller: Fossil Fuels Are a ‘Threat to the Long-Term Thriving of the Economy’

On Friday’s broadcast of CNBC’s “Squawk Box,” New York City Comptroller Brad Lander (D) stated that fossil fuels are a “threat to the long-term thriving of the economy” and pension funds.

After Lander said that Florida has politicized the economy with its approach to Disney, co-host Joe Kernen said, “Depending on what you believe, both sides seem to want to use the economy to further cultural — we have a culture war.”

Lander responded, “I really disagree with that.” After Kernen cut in to reference ESG investing, Lander stated, “Taking climate risk seriously because it presents long-term risks to the portfolio is real. And yeah, I guess what I would ask CFO [Patronis] is, what’s a bigger threat to the long-term thriving of the economy and the pension funds, is it fossil fuels, rising season temperatures, or is it Mickey Mouse?”

Lander then argued that insurers in Florida have gone bankrupt over the past two years because of climate risk.

Florida Chief Financial Officer Jimmy Patronis (R) responded that the real problem was too much litigation over insurance and that insurance companies he talked to said that excessive litigation was the issue, and not climate.

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