The New York State Pension Fund will be divesting over $30 million in investments across 39 coal, oil sands, and shale oil and gas companies, according to Net Zero Investor. Meanwhile, it will be pouring $2.4 billion into climate funds.
The new investment includes the FTSE Russell TPI 1000 Climate Transition Index, the Oaktree Power Opportunities Fund VII, and the Vision Ridge Partners Sustainable Asset Fund IV. These funds support electrical infrastructure, renewable energy generation, agriculture adaptation, and decarbonization.
The new investments are part of New York's Sustainable Investments and Climate Solutions Program, which aims to reach $40 billion in investments. It currently holds $26.5 billion.
Investment in oil and gas companies since 2016 has been in the neighborhood of $7 trillion, while the economic costs of sea-level rise alone have been projected at $3 trillion.
Besides the damage they're doing, fossil fuels are becoming less profitable businesses. It's good to see large-scale funds wising up, ditching their oil and gas holdings, and pouring money into more profitable green tech. Two major UK funds, some universities, and other U.S. states have made similar progress toward divestment.
New York fund managers have been ardent about the state's progressive position on investments and are hopeful about the future.
"Climate change poses a real threat to our investments, but the actions announced today will help position the Fund to address those risks and seize on opportunities generated as the world transitions to a low-carbon economy," said Comptroller Thomas DiNapoli, trustee of the New York State Pension Fund. "The Fund is a leader on addressing the investment challenges posed by climate change and our efforts continue. Over one million members and beneficiaries depend on the Fund's long-term strength for a secure pension. These latest investments continue our commitment to prudently reduce risks to our portfolio and protect the Fund."
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