The ten largest US pension funds continue to be significant investors in large corporations that contribute to the most significant environmental contributors. Bloomberg… Thus, it turned out that organizations that declare their attention to environmental issues are sponsoring damage to the planet.
Analysts estimate the related investment to be around $ 40 billion, which means nine percent of the total investment is in the 20 high-carbon companies. However, the figure could be lower, as funds in California and New York have reduced their stakes in companies such as oil giant Exxon Mobil since the beginning of the year.
However, such a massive investment in the sector that contributes the most to climate change may surprise those who believe in the claims of the funds themselves. Most active in this regard is the New York State Common Retirement Fund, the third largest public retirement fund in the United States with approximately $ 255 billion in assets. For example, Thomas Dinapoli, the New York controller responsible for overseeing state finances, said in December that the companies in which the fund invests should achieve net zero greenhouse gas emissions by 2040, while almost all other representatives of the sector are guided by 2050.
At the same time, at the end of last year, the New York State Common Retirement Fund’s investments in the fossil fuel sector reached $ 3.2 billion. However, the fund has already managed to take a number of steps towards achieving the goal, since the beginning of the year, including reducing investments in companies such as Exxon Mobil, Linde, Waste Management and Union Pacific, which are included in the list of enterprises with the highest emissions.
In recent years, companies whose work harms the environment have faced pressure from authorities to accelerate the transition to greening their economies and avoid harm. In Europe, the largest industrial companies stated that the European Union may not be ready for the transition to green energy, and offered Brussels to allocate more money for its development. When the EU published its ambitious climate protection plan, large enterprises accused it of creating risks for investment and innovation.