New York State Common Retirement Fund has put 27 thermal coal mining firms on notice that they face divestment if they are not taking steps to transition to a more sustainable business model.
The review of coal holdings – believed to be worth around $38m – is part of the $211bn public pension pot’s recent Climate Action Plan, which was published in June in response to the recommendations of its high-level decarbonisation panel.
The announcement comes the week after New York City’s pension funds appointed Massachusetts-based consultant Meketa Investment Group and Blackrock to advise on their fossil fuel divestment plans.
Increased pressure has been put on New York State Comptroller Thomas P. DiNapoli to divest the state’s fossil fuel holdings since the City’s Comptroller, Scott Stringer announced that his office would undertake a divestment feasibility study in 2018. Three of the City’s five pension funds are currently involved.
News of the …