(Reuters) – The New York State Pension Fund will review its energy sector investments, including potential divestments, as it targets net zero carbon emissions by 2040, the New York State Comptroller Thomas DiNapoli said on Wednesday.
The fund, which has an estimated valuation of about $226 billion, is currently wrapping up its evaluation of nine oil sands companies, and will develop minimum standards for investments in shale oil and gas.
This will be followed by a review of sectors including integrated oil and gas, oil and gas exploration, production, storage and transportation.
The state fund joins a growing list of financial sector players who are cutting their exposure to carbon intensive projects and companies.
It has already set minimum standards for the thermal coal mining industry and divested from 22 coal companies, DiNapoli said.
The fund will decide which companies are suitable to remain in its portfolio by 2025.
(Reporting by Sohini Podder and Noor Zainab Hussain in Bengaluru; Editing by Krishna Chandra Eluri)
