The New York State Common Retirement Fund in Albany has made a sensational announcement: it will divict $26.8 million in equity and corporate bond holdings. This move won't be affecting just any sector but eight significant entities that belong to the integrated oil and gas industry. This decision poses exciting discussions around the implications and motivations prompting such divestments.
1. The New York State Common Retirement Fund has announced it will divest $26.8 million in equity and corporate bond holdings from eight significant entities in the integrated oil and gas industry.
2. This move is part of the fund's broader efforts to shift its holdings away from fossil fuels and towards cleaner energy options.
3. The fund serves over one million state and local government employees, retirees, and their beneficiaries, and aims to combat the negative impacts of climate change through this initiative.
4. This step responds to the increasing awareness of the need for major institutional investors to reduce their carbon footprints and contribute to a sustainable future.
5. The eight oil and gas companies were specifically chosen due to their limited or no apparent plans to transition away from traditional hydrocarbons.
In 2021, the New York State Common Retirement Fund announced it would divest $26.8 million from eight entities in the integrated oil and gas industry.
The divestment comes as part of New York State Common Retirement Fund's wider efforts to shift its holdings away from fossil fuels and toward clean energy. The fund, which serves more than one million state and local government employees, retirees, and their beneficiaries, intends to make this significant change to combat the negative impacts of climate change. This step reflects the growing recognition of the critical need for major institutional investors to reduce their carbon footprint and contribute to a sustainable future. The eight integrated oil and gas companies were specifically targeted due to their limited or no apparent plans to diversify away from traditional hydrocarbons.