AUM in Action

NY State Fund Divests ExxonMobil   

The New York State Common Retirement Fund has announced that it will restrict its investment in eight oil and gas companies, including ExxonMobil. The decision followed a review of energy companies’ readiness to transition to a low-carbon economy, said State Comptroller Thomas DiNapoli, Trustee of the fund. DiNapoli also announced the fund had met its goal of committing US$20 billion to sustainable and climate investments, and had set a new goal of investing a further US$40 billion by 2035. The fund will aim to increase its climate index investments by 50% to over US$10 billion over the next two years, with the longer-term goal of doubling those by 2035. With the assessment of energy companies now complete, the next step will be to review the transition readiness of major utilities, DiNapoli explained. The fund will no longer make new private market investments in entities focused on the extraction or production of oil, gas and coal, and will modify its proxy voting guidelines to push public companies to increase disclosure of their climate transition plans, risks and opportunities. Other companies that the fund will divest and restrict in the coming months include Guanghui Energy Company, Echo Energy, IOG, Oil and Natural Gas Corporation, Delek Group, Dana Gas Co and Unit Corp. The combined value of these holdings is estimated at US$26.8 million.  



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