“The fund will divest from many fossil fuels in the next five years and sell its shares in other companies that contribute to global warming by 2040.”
“New York State’s pension fund, one of the world’s largest and most influential investors, will drop many of its fossil fuel stocks in the next five years and sell its shares in other companies that contribute to global warming by 2040, the state comptroller said on Wednesday.
With $226 billion in assets, New York’s fund wields clout with other retirement funds and its decision to divest from fossil fuels could accelerate a broader shift in global markets away from oil and gas companies, energy experts and climate activists said.
The announcement came months after the fund moved to sell its stock in 22 coal companies. New York City, San Francisco, Washington and several smaller cities have also adopted fossil-fuel divestment programs, but New York State’s commitment to an even more sweeping plan is more significant, especially given the state’s centrality to the global financial markets.”