Commentary: Trump, GM, Toyota and Fiat Chrysler are holding us hostage to a dying planet, Scott Stringer, the New York City Comptroller, writes.
— entered into a voluntary compromise agreement with California to limit emissions across the country, recognizing that it is time to accelerate climate action beyond the goals of our current federal government. But the Feds launched a legal action to investigate these companies for antitrust violations, throwing a dirty trick in the way of cleaning up the industry.
And then, in a stunning betrayal of investors and in ignorance of the clear need to transition to a low carbon economy, General Motors, Toyota and Fiat Chrysler decided to side with the president in his attempt to revoke California's authority and help the Trump administration drag the auto industry backward while the rest of the world speeds ahead on climate.
As investment advisor to, and custodian of, New York City's five pension funds, charged with protecting $200 billion in pension fund assets, my job is understanding and anticipating risk. Let me be clear: Climate change is a much more impactful risk to U.S. companies than Trump's empty threats. Trump's rollback of national and state clean car standards is risking the very future of the American auto industry, not to mention the future of the planet, and automakers that support weak standards are in turn exposing themselves to extraordinary risk.
The existing vehicle emissions standards the Trump administration is dismantling jump-started investment in clean car technologies, resurrected a U.S. auto industry that was on the brink of collapse and boosted job growth in some of the regions hit hardest by the 2008 recession. They challenged the industry and led to more sustainable growth.
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