Oil companies are quickly losing investors, including two pension funds in New York City, as more asset managers are pivoting to renewable options in the battle against climate change and for environmental, social, and governance (ESG) investing.
The two pension funds will divest an estimated $4 billion from fossil fuel companies. NYC Comptroller Scott Stringer on Twitter called the move “one of the largest divestments in the world.”
The move to sell holdings in oil companies mirrors the divestment from tobacco companies two decades ago.
The $77.4 billion New York City Employees’ Retirement System (NYCERS) and the $91.4 New York City Teachers’ Retirement System (TRS) approved the divestments in a vote on Monday. They represent the largest pension funds within the $239.8 billion New York City Retirement Systems.
Author: Ellen Chang
Publication Date: 26 January 2021
Publication Site: ai-CIO