{"id":165,"date":"2020-01-30T13:19:59","date_gmt":"2020-01-30T13:19:59","guid":{"rendered":"https:\/\/www.esgtoday.com\/?p=165"},"modified":"2020-01-30T13:21:35","modified_gmt":"2020-01-30T13:21:35","slug":"new-york-state-pension-fund-reviewing-investments-in-coal","status":"publish","type":"post","link":"https:\/\/www.esgtoday.com\/new-york-state-pension-fund-reviewing-investments-in-coal\/","title":{"rendered":"New York State Pension Fund Reviewing Investments in Coal"},"content":{"rendered":"\n

May divest from companies that fail review<\/h2>\n\n\n\n

The New York State Common Retirement Fund, the third largest\npension fund in the U.S., with $210 billion AUM, announced that it is reviewing\n27 thermal coal mining companies to determine whether they are taking steps to\ntransition to a more sustainable business model in line with the growing low\ncarbon economy.<\/p>\n\n\n\n

New York State Comptroller\nThomas P. DiNapoli announced the review as part of his Climate\nAction Plan to further decarbonize the state pension fund\u2019s investments.\nDiNapoli explained:<\/p>\n\n\n\n

\u201cInvestors who fail to face the risks and seize the opportunities presented by climate change put their portfolios in jeopardy,\u201d DiNapoli said. \u201cWe are assessing minimum standards for transition readiness at coal mining companies first, because they face the greatest risk as the world turns to cleaner and renewable energies. If a particular company is not ready to move away from its reliance on thermal coal mining for profits, we may divest our holdings in that company.\u201d<\/p><\/blockquote>\n\n\n\n

Large investors reconsidering coal<\/h3>\n\n\n\n

The pension fund\u2019s review puts it in line with a growing list of investors reconsidering the climate impact of their portfolios. Earlier this month, investment giant BlackRock announced<\/a> it would divest from any company earning more than 25% of revenues from thermal coal from its actively managed portfolios. The New York State Common Retirement Fund review will target companies that earn at least 10% of revenues from mining thermal coal.<\/p>\n\n\n\n

DiNapoli has sent requests for information to the companies,\nand will evaluate each company\u2019s strategies for moving away from coal mining.\nThe fund will assess each company\u2019s efforts to align their business model with\nthe Paris Agreement\u2019s goals by reducing capital expenditures on coal, setting\nlong-term targets to reduce greenhouse gas emissions, improving climate\nreporting, and increasing revenue from low-carbon or green technologies.<\/p>\n\n\n\n

The fund may divest from companies that fail the assessment.<\/p>\n\n\n\n

The 27 companies under review are:<\/p>\n\n\n\n

\u2022 Anglo American plc<\/p>\n\n\n\n

\u2022 Arch Coal, Inc.<\/p>\n\n\n\n

\u2022 Banpu Public Company Limited<\/p>\n\n\n\n

\u2022 China Coal Energy Company<\/p>\n\n\n\n

\u2022 China Shenhua Energy Company Limited<\/p>\n\n\n\n

\u2022 CIMIC Group Limited<\/p>\n\n\n\n

\u2022 Coal India Ltd.<\/p>\n\n\n\n

\u2022 ConsolEnergy Inc.<\/p>\n\n\n\n

\u2022 ConturaEnergy, Inc.<\/p>\n\n\n\n

\u2022 DMCI Holdings, Inc.<\/p>\n\n\n\n

\u2022 Exxaro Resources Limited<\/p>\n\n\n\n

\u2022 Guanghui Energy Co., Ltd.<\/p>\n\n\n\n

\u2022 Hallador Energy Company<\/p>\n\n\n\n

\u2022 Huadian Power International Corp. Ltd.<\/p>\n\n\n\n

\u2022 Inner Mongolia YitaiCoal Co., Ltd.<\/p>\n\n\n\n

\u2022 Jastrzebska Spolka Weglowa SA<\/p>\n\n\n\n

\u2022 NACCO Industries, Inc.<\/p>\n\n\n\n

\u2022 Peabody Energy Corporation<\/p>\n\n\n\n

\u2022 PT Adaro Energy Tbk<\/p>\n\n\n\n

\u2022 PT Astra Internaional Tbk<\/p>\n\n\n\n

\u2022 PT Bukit Asam Tbk<\/p>\n\n\n\n

\u2022 PT United Tractors Tbk<\/p>\n\n\n\n

\u2022 Shaanxi Coal Industry Co., Ltd.<\/p>\n\n\n\n

\u2022 Shanxi Lu’An Environmental Energy Development Co., Ltd.<\/p>\n\n\n\n

\u2022 South32 Ltd.<\/p>\n\n\n\n

\u2022 Washington H.Soul Pattinson and Company Limited<\/p>\n\n\n\n

\u2022 Yanzhou Coal Mining Company Limited<\/p>\n\n

\n <\/div>\n\n<\/span>","protected":false},"excerpt":{"rendered":"

May divest from companies that fail review The New York State Common Retirement Fund, the third largest pension fund in the U.S., with $210 billion AUM, announced that it is reviewing 27 thermal coal mining companies to determine whether they are taking steps to transition to a more sustainable business model in line with the […]<\/p>\n","protected":false},"author":2,"featured_media":166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[12,2],"tags":[],"acf":[],"yoast_head":"\nNew York State Pension Fund Reviewing Investments in Coal - ESG Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esgtoday.com\/new-york-state-pension-fund-reviewing-investments-in-coal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York State Pension Fund Reviewing Investments in Coal - 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