ESG & Investing
NY’s $260 Billion Pension Fund Is Dropping Exxon, Other Energy Company Holdings
- Pension sells stakes in Echo Energy, Oil & Natural Gas Corp.
- Fund sets goal to invest $40 billion in climate solutions
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The New York State Common Retirement Fund plans to restrict its investments in Exxon Mobil Corp. and seven other oil and gas companies after reviewing their efforts to shift to a low-carbon economy.
The pension plan will sell stocks and bonds, worth roughly $26.8 million, in Exxon, Guanghui Energy Company Ltd., Echo Energy Plc, IOG Plc, Oil & Natural Gas Corp., Delek Group Ltd., Dana Gas Co. and Unit Corp., New York State Comptroller Thomas DiNapoli, who oversees the fund’s $260 billion, said in a statement.