The signaling of climate virtue by the Murphy administration and the Legislature already is going to cost the people and businesses of New Jersey plenty. They’re on the hook for massive subsidies and energy mandates that will cost much without delivering a meaningful effect on global warming.
When the goal is abstract, undefined and little grounded in reality, there’s no limit to how much state government may sacrifice the interests of the others who have to pay the bill.
Under continued pressure from climate zealots, now New Jersey is leaning toward investing its $92 billion pension fund not to get the best returns it desperately needs, but to show its climate righteousness.
For a few years climate activists have pushed the state to quit investing in traditional energy companies, since doing so conflicts with their effort to portray climate as a crisis demanding wildly expensive emergency responses. So far, officials have continued to try to get the most money from their pension investments.
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