December 10, 2020 Read More →

NY pension fund warns of potential divestment from carbon

NS Energy:

The New York state pension fund – one of the world’s largest, controlling $226bn in assets – has warned the oil and gas industry that it may pursue divestment from companies that are failing to act on climate change.

It is in the process of developing “minimum standards” for investments in shale oil and gas, which are to be followed by new requirements for firms across the industry, including oil and gas equipment and service providers, storage and transportation specialists, as well as firms engaged in other forms of exploration and production.

Sandy Buchanan, executive director of the Institute for Energy Economics and Financial Analysis (IEEFA), echoed the sentiment, saying the decision “makes sense financially and displays bold leadership that should inspire other institutional investors the world over to follow suit”. 

[Andrew Fawthrop]

More: New York’s $226bn pension fund warns of oil and gas divestment as it greens its portfolio

Posted in: IEEFA In the News

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