NYSTRS 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 of other thermal coal holdings. This follows the board’s process to analyze climate risks and opportunities related to NYSTRS’ investment portfolio.
Separately, three New York City pension funds are undertaking a significant divestment from fossil fuel companies, bringing the total divestment across all funds to roughly $3 billion. The divestment is one of the largest in the world, said New York City comptroller Scott Stringer.
The New York City Employees’ Retirement System and the New York City Board of Education Retirement System have successfully divested $1.8 billion and $100 million in securities, respectively. The New York City Teachers