XOM - NY Pension Fund Prioritizes Climate Over Big Oil Profits: Restricts Investments In 8 Companies Including ExxonMobil | Benzinga
The New York State Common Retirement Fund plans to restrict its investments in eight integrated oil and gas companies, including Exxon Mobil Corp (NYSE:XOM).
The move reflects New York Comptroller Thomas DiNapoli’s review of the transition readiness of energy sector investments that face significant climate risk.
DiNapoli said, “Climate change is an increasingly urgent risk facing all investors, and I am determined to protect the state’s pension fund by keeping it at the forefront of efforts to mitigate risks to our investments. This reduces our fund’s exposure to fossil fuels.”
“Consistent with my fiduciary duty to maximize investment returns for the benefit of our members and retirees, these actions should ...