August 12, 2021
New York State pension fund divests from more coal and launches groundbreaking review of $640 million shale oil and gas holdings including ConocoPhillips, Marathon Oil
State Comptroller continues to lead on climate action for $268 billion pension fund
New York’s State Comptroller Tom DiNapoli announced further divestment of coal assets today from one of the nation’s largest pension funds – shedding remaining investments in New Hope, PT Indo Tambangraya Megah Tbk, Semirara Mining and Power, Shanxi Coking Coal Energy Group. and Whitehaven Coal. This announcement comes just three days after the Intergovernmental Panel on Climate Change (IPCC) released their latest report detailing the need for “immediate, rapid and large-scale reductions in greenhouse gas emissions” in order to limit burgeoning climate change.
The Comptroller also announced the launch of a climate risk review of the fund’s holdings in 42 shale oil and gas companies including Marathon Oil, ConocoPhillips and Hess valued at $640 million dollars. The review, which is a next step in the Comptroller’s groundbreaking divestment and net zero plan for the $268 billion fund, will assess the companies’ transition readiness and alignment with the Paris Climate accord.
Read more at Stand.earth.