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New York Pension Fund Pledges Net-Zero Emissions by 2040

  • Commitment ranks among largest by a major public pension
  • Retirement plan initiated a climate action plan last year
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The New York State Common Retirement Fund pledged to reach net-zero greenhouse gas emissions across its investments by 2040, a decade before any other U.S. pension plan, and may divest from the riskiest oil and gas companies by 2025.

The $226.4 billion public plan, the third-largest in the U.S., said it will finish reviewing all its fossil-fuel holdings and related businesses within four years. The fund is looking at its climate-related investment risks, how companies are preparing for the transition to a low-carbon economy and selling shares in those that fail to meet standards.