FENY - New York pension fund to phase out fossil fuels pressure utilities on emissions

The $226B New York State Common Retirement Fund says it will eliminate many of its fossil fuel stocks in the coming years, as it plans to shift its investments to reach a net-zero greenhouse gas emissions portfolio by 2040, New York State Comptroller Thomas DiNapoli said today.In addition to dropping oil, gas, oil services and pipeline companies, the fund will sell shares in other companies that contribute to global warming by 2040, the comptroller said.DiNapoli had resisted oil divestment, arguing such action could diminish investment returns and saying his primary concern was to safeguard the taxpayer guaranteed retirement savings of 1.1M state and municipal workers.But today, he said "divestment is a last resort, but it is an investment tool we can apply to companies that consistently put our investment's long-term value at risk."The latest move follows similar action the pension fund took for thermal coal mining investments, which led to

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New York pension fund to phase out fossil fuels, pressure utilities on emissions