N.Y. Comptroller: Companies Making Environmental Commitments Following Pension Fund Divestment Plan
New York made the commitment last year to use the state pension fund to divest from companies that worsen climate change. This year’s portfolio contains a few climate-related agreements.
State Comptroller Thomas DiNapoli, who manages the New York State Common Retirement Fund, said six companies agreed to reduce their impact on the environment.
Domino’s Pizza agreed to best practices in reducing greenhouse gas emissions. Medical supply company McKesson also agreed to stricter emissions standards outlined in the Paris Agreement.
Steel maker Cleveland Cliffs said it will limit emissions and co-fund an environmentally friendly hydrogen energy project with the state.
DiNapoli said the fund will continue to pressure companies using the state’s pension fund as leverage. The fund is opposed to over 380 investment managers at 72 companies, including Chevron, ExxonMobil., Berkshire Hathaway and Caterpillar, for failing to address their climate risk.