29 Feb '16, 11pm

New York State Pension Funds Lost $3.5 Billion From Fossil Fuel Holdings Over 3 Years

“Our analysis with the Decarbonizer suggests the New York State Common Retirement Fund’s equity portfolio would have been at least $5.3 billion better off had it divested from the biggest oil, gas and coal companies three years ago in favour of companies providing climate solutions,” said Toby Heaps, CEO of Corporate Knights. “This number is a conservative estimate based on the equities side of the fund. The energy transition away from old fossil fuel energy to new clean energy is underway and investors who cling to fossil fuel holdings risk substantial value destruction over the long-term.”

Full article: http://cleantechnica.com/2016/02/29/new-york-state-pensio...

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