US. New York State pension fund puts 27 coal companies under review
New York state’s top pension fund official said it was reviewing whether to divest from 27 coal companies and could make decisions on $98 million in holdings within two months.
The reviews by the third-largest U.S. state pension system, with $211 billion under management, could set the tone for other retirement plans facing public concerns about climate change. New York State Comptroller Thomas DiNapoli in an interview on Tuesday said his office began reaching out several weeks ago to companies with at least 10% of revenue from thermal coal, or coal burned to produce electricity.
The pension fund sent letters asking how much they are spending to move away from coal burned to produce electricity, how much of their revenue stems from low-emission technologies, among other factors. He declined to estimate how many companies might be excluded.
“We want to stay broadly invested, and a lot of our investment is through passive vehicles. But we want to be sure companies are positioned for the long term,” he told Reuters. Under review are Arch Coal Inc, Consol Energy Inc, and Peabody Energy Corp among others.
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