New York Becomes The First State To Divest From Oil And Gas

Photo caption: Pacific Press via Getty Images. New York state Comptroller Thomas DiNapoli […]. Article by Alexander C. Kaufman.

The Empire State’s pension fund is the largest to dump fossil fuel investments ― ever, in the entire world.

New York state announced plans on Wednesday to eject oil and gas stocks from its $226 billion financial portfolio, becoming the first U.S. state and the biggest pension fund anywhere to divest from fossil fuels.

By 2025, the New York State Common Retirement Fund, which disburses some $1 billion in benefits to retirees each year, will sell off its “riskiest” oil and gas stocks, following a review. The state aims to completely eliminate carbon polluters from its portfolio by 2040. […]

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