New York State’s Pension Fund Divests from Coal Companies

New York State Comptroller Thomas DiNapoli announced in mid-July that the New York State Common Retirement Fund has divested from 22 thermal coal mining companies, stating that the companies are “not prepared to thrive, or even survive, in the low-carbon economy.” The Fund, whose assets total over $200 billion, pulled nearly $90 million from coal investments. DiNapoli also signaled that the Fund is in the process of evaluating the “low-carbon transition readiness” of companies in industries that are at high risk from climate change, including companies in the energy, utility, oil-sand extraction, and transportation sectors. Comptroller DiNapoli’s statement is available here.