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Best Buy, Nordstrom To Pursue Renewables

Mike Mozart

New York's comptroller says Best Buy and Nordstrom have agreed to increasingly use renewable energy in their operations and supply chains.

Comptroller Thomas DiNapoli is trustee of the New York pension fund that's an investor in both retailers. He said on Wednesday that he has withdrawn shareholder proposals that asked them to set measurable goals for increased use or production of renewable energy sources by December.

The nearly $180 billion fund is for more than one million government workers, retirees and beneficiaries. It owns about $32 million in Best Buy shares and $18 million in Nordstrom.

DiNapoli says more big companies are shifting to renewable energy, which helps mitigate climate change and is smart business in the face of volatile fossil fuel prices.

Best Buy Co. is based in Richfield, Minnesota. Nordstrom Inc. is based in Seattle.