New York Pension Fund Faces Criticism for Partial Fossil Fuel Divestment Amid Climate Change Pressures and Profit Concerns.

The New York State Common Retirement Fund, one of the nation’s largest public pension funds, has been criticized for partially divesting from fossil fuels. The fund, which holds $260 billion in assets, would sell some but not all of its assets in companies that it claims have failed to prepare for climate change. However, the fund still holds nearly $580 million in Exxon Mobil’s shares. This move reflects the increasing pressure public pensions are under to address climate change without sacrificing profits. State pension funds from New York and Maine to California and Colorado are monitoring climate risks in their portfolios, pushing companies to decarbonize and pulling dollars out of major polluters. However these funds have faced obstacles, including experts who warn that selling funds solely for climate reasons is financially dangerous and jeopardizes fund managers’ primary duty to safeguard and maximize retirement savings.