New York State Teachers freezes investments in oil and gas companies

The New York State Teachers’ Retirement System (NYSTRS) has frozen investment in the top 20 oil and gas holdings and thermal coal reserve holdings that pose climate-related risks to its investment portfolio. The companies represent a market value of $1 billion.

The pension fund is also planning to divest $66 million worth of other thermal coal holdings. This follows the board’s process to analyze climate risks and opportunities related to NYSTRS’s investment portfolio.

The initial climate action plan calls for divestment from all directly held public equity thermal coal holdings that derive more than 10 percent of their revenue from activities related to thermal coal, as well as the creation of a restricted list to “freeze” or prohibit directly held internal and passive external public equity portfolios from further purchases of certain carbon-intensive fossil fuel holdings.

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