New York’s state pension fund plans to divest more than $238 million in shares and bonds of oil and gas companies. The decision signals a significant move for a $280 billion fund to address the impacts of climate change and accentuate its commitment to ESG.
The decision comes as oil and gas stocks make market gains on the back of higher commodity prices and reduced spending.
The move follows an internal review highlighting the corporations that failed to demonstrate viable net-zero transition plans. Currently, the New York State Common Retirement Fund has holdings in around 40 oil and gas companies. The fund might decide to divest move funds from oil companies in the future.
