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The New York State Common Retirement Fund plans to limit its investments in Exxon Mobil and seven other oil and gas companies after reviewing its efforts to transition to a low-carbon economy.
The pension plan includes stocks and bonds (valued at approximately $26.8 million) of Exxon, Guanghui Energy Co., Echo Energy Co., IOG Co., Oil and Natural Gas Co., Delek Group Co., Dana Gas Co., and Unit Co. is scheduled to be sold. , New York State Comptroller Thomas DiNapoli, who oversees the $260 billion fund, said in a statement.
Four years ago, America’s largest public retirement fund announced it would review all of its fossil fuel holdings to reduce investment risks related to climate change. Last year, it cut its holdings in 50 companies involved in coal, shale oil and gas, and oil sands, including Pioneer Natural Resources and Hess Corporation.
The retirement fund announced Thursday that it plans to focus on investments in utility companies and efforts to transition away from fossil fuels. It also set a goal of investing $40 billion in sustainability and climate action by 2035, after reaching an initial goal of $20 billion. These assets include energy storage, resource efficiency, and green infrastructure.
The fund also said it aims to increase investment in climate indexes by 50% over the next two years to more than $10 billion, and double by 2035.
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