US Pension Fund to Scrutinise Oil and Gas Companies on Transition Status

The New York State Common Retirement Fund, which has US$272 billion in assets, has announced it will be evaluating 28 publicly-traded integrated oil and gas companies to determine if they are prepared for the transition to a low-carbon economy. The targeted companies – including ExxonMobil, Chevron and Shell – will be asked to provide information demonstrating their readiness for the transition to net zero. This is part of the fund’s Climate Action Plan and commitment to transitioning the portfolio to net zero by 2040. Thomas DiNapoli, New York State Comptroller and Trustee of the fund, said: “Oil and gas companies face significant and complex economic, environmental and regulatory challenges in the years to come. These companies need to be ready for the transition to the low-carbon economy of the future. While energy companies are currently making record profits driven by high prices, their long-term prospects are far less certain. As investors, we will carefully review these companies and may restrict investments in those that do not have viable plans to adapt.” 

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