The New York State Common Retirement Fund (NYSCRF), the third-largest public pension fund in the United States, has announced plans to limit its investments in Exxon Mobil Corp, alongside seven other major oil and gas firms. This strategic move is part of a broader effort by the fund to assess and reduce the potential financial risks related to climate change.
1. The New York State Common Retirement Fund (NYSCRF), the third-largest public pension fund in the USA, plans to limit its investments in Exxon Mobil Corp and seven other major oil and gas firms.
2. This decision is part of a broader effort by the fund to assess and reduce financial risks related to climate change.
3. The NYSCRF, with approximately $210 billion in assets, is seeking to address the effects of climate change on its diverse investment portfolio.
4. The decision to limit exposure to these oil and gas companies was influenced by concerns about their environmental impact and long-term profitability.
5. Future investments of the NYSCRF will primarily be directed towards more sustainable and greener industries.
The New York State Common Retirement Fund (NYSCRF), valued at over $250 billion, is set to divest nearly $7 billion from fossil fuel investments and will not accept new investments in the oil and gas sector.
This strategic move comes as the retirement fund, which is the third largest in the U.S. with approximately $210 billion in assets contained, seeks to address the effects of climate change on its diverse investment portfolio. The decision to limit exposure to these companies, including Exxon Mobil Corp, was catalysed by emerging concerns about their environmental impact and long-term profitability. Future investments will be primarily directed towards more sustainable and greener industries.