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New York state’s top pension fund official said it was reviewing whether to divest from 27 coal companies and could make decisions on $98 million in holdings within two months. The reviews by the third-largest U.S. state pension system, with $211 billion under management, could set the tone for other retirement plans facing public concerns about climate change.

New York State Comptroller Thomas DiNapoli in an interview on Tuesday said his office began reaching out several weeks ago to companies with at least 10% of revenue from thermal coal, or coal burned to produce electricity.

The pension fund sent letters asking how much they are spending to move away from coal burned to produce electricity, and how much of their revenue stems from low-emission technologies, among other factors. He declined to estimate how many companies might be excluded.

Under review are Arch Coal Inc, Consol Energy Inc, and Peabody Energy Corp, among others. The shares make up just a fraction of the $211 billion in total assets of the state public pension system, making any decision somewhat symbolic, DiNapoli acknowledged.

Other pension systems have taken similar steps including the largest, the California Public Employees’ Retirement System (CalPERS), which said in 2017 it had sold stock in 14 companies including Arch and Peabody, following a state law requiring it to study and potentially divest from the sector.

DiNapoli intends to begin reviews of other energy holdings, such as for investments related to oil sands projects, as soon as this year, he said.

[Ross Kerber and Gary McWilliams]

More: New York state pension fund puts 27 coal companies under review

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