Last updated on: 12/9/2020 | Author:

New York Says Employee Pension Fund Will Divest from Oil and Gas Companies if Not Aligned with Paris Agreement

New York State Comptroller Thomas DiNapoli announced the New York State Common Retirement Fund aims to be net zero by 2040. To do so, the fund will require that fossil fuel companies have a business plan aligned with the Paris Climate Agreement within four years. If fossil fuel companies fail to accomplish that goal, the $226 billion fund will begin divesting from those companies.