Link: https://www.nrdc.org/experts/rich-schrader/new-york-announces-historic-fossil-fuel-divestment-plan
Excerpt:
As part of the plan, the Comptroller announced an aggressive schedule of divestment activity over the next four years. This year already, the Common Fund has divested from 22 coal companies. In the next few months, it will divest from companies with tar sands investments. After that, over the next several years, it will divest from these subsectors of the fossil fuel industry:
- Shale oil and gas firms;
- Integrated oil/gas majors like Exxon and Chevron as well as smaller integrated companies;
- All oil/gas exploration and production firms;
- Fossil fuel service firms, like Schlumberger;
- And finally, fossil fuel transportation and pipeline companies like Kinder Morgan and Williams.
In addition, the Common Fund is moving forward with two key steps, both supported by the 2018 Decarbonization Panel that was jointly appointed by Governor Cuomo and Comptroller DiNapoli. First, the Fund will hire new staff trained in financial analysis of climate impacts and dangers. And second, the Common Fund will actively vote against board directors of non-fossil fuel companies that do not prioritize climate concerns in alignment with the Fund’s decarbonization goals.
Author(s): Rich Schrader
Publication Date: 9 Dec 2020
Publication Site: NRDC