Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

OKIsItJustMe

(20,619 posts)
Thu Sep 26, 2024, 02:10 PM Sep 26

Reuters: New York State fund swapped coal assets for responsible index ETF

https://www.reuters.com/sustainability/new-york-state-fund-swapped-coal-assets-responsible-index-etf-2024-09-26/
New York State fund swapped coal assets for responsible index ETF
By Ross Kerber and Isla Binnie
September 26, 2024 12:45 PM EDT

Sept 26 (Reuters) - Moving money from coal assets to a new responsible-investment exchange-traded vehicle provided the sort of quick win the New York State Insurance Fund was looking for when evaluating the climate and social impacts of its holdings, a top executive said on Thursday.

The new allocation "immediately reduced our carbon exposure in the equity portfolio by something like 40%," said Rajith Sebastian, head of ESG and Sustainable Investing for the $20 billion state fund, at a Reuters NEXT Newsmaker event in New York.

Sebastian's fund provides workers compensation, disability and other coverage, and in 2022 released a climate action like those set out by New York's larger public-sector pension funds.

The insurance fund was starting later than those bigger peers and Sebastian said it initially was looking for "quick wins" by shifting parts of its portfolio toward goals like reducing emissions.

Latest Discussions»Issue Forums»Environment & Energy»Reuters: New York State f...