{"id":50483,"date":"2020-03-12T16:29:00","date_gmt":"2020-03-12T16:29:00","guid":{"rendered":"https:\/\/gofossilfree.org\/ny\/ny-pension-fund-loses-more-than-850-million-on-fossil-fuel-stocks-this-year\/"},"modified":"2020-03-13T15:37:50","modified_gmt":"2020-03-13T15:37:50","slug":"ny-pension-fund-loses-more-than-850-million-on-fossil-fuel-stocks-this-year","status":"publish","type":"post","link":"https:\/\/gofossilfree.org\/ny\/ny-pension-fund-loses-more-than-850-million-on-fossil-fuel-stocks-this-year\/","title":{"rendered":"NY Pension Fund loses more than $850 million on fossil fuel stocks this year\u00a0"},"content":{"rendered":"

The New York State Common Retirement Fund (Fund)\u00a0 has lost more than $850 million on just 18 oil and gas stocks over the last year as the energy sector faces increasing volatility and declining prospects, according to new analysis by 350.org. New York State Comptroller Thomas DiNapoli, the sole custodian of the Fund, has so far refused to divest from fossil fuels.<\/span><\/p>\n

The Fund serves as the retirement fund for more than 1 million New Yorkers and its oil and gas holdings have left it overexposed to the precipitous drop in energy stocks over the last week.\u00a0<\/span><\/p>\n

While government stimulus may trigger a slight rebound in the coming days, most analysts agree the overall outlook for the sector is dim. CNBC\u2019s Jim Cramer has gone so far as to talk about the \u201c<\/span>death knell<\/span><\/a>\u201d of the entire industry.\u00a0<\/span><\/p>\n

350.org\u2019s preliminary analysis looked at the Fund\u2019s publicly disclosed oil and gas holdings focusing on its significant tar sands holdings and top fracking companies. It is reasonable to assume that the damage is far more widespread across the Fund\u2019s full fossil fuel holdings and the Fund is likely down billions of dollars across the entire fossil fuel sector this year. <\/span><\/p>\n

The Fund has more than $13 billion invested in fossil fuel companies. Many oil majors in its holdings were down double digits<\/strong> this week.\u00a0<\/span><\/p>\n

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Oil majors in the New York State’s pension fund\u2019s holdings are \u2b07\ufe0f:https:\/\/t.co\/mDUH6NbuG9<\/a> analysis shows the state fund’s losses on fossil fuels of over $850 mil this year. https:\/\/t.co\/oyXAw5F5jX<\/a> #DivestNY<\/a><\/p>\n

Conoco -25% \u2b07\ufe0f
\nBP -19% \u2b07\ufe0f
\nShell -18% \u2b07\ufe0f
\nChevron -15% \u2b07\ufe0f
\nExxon -12%. \u2b07\ufe0f pic.twitter.com\/mIk8ly2Ab9<\/a><\/p>\n

\u2014 350 dot org (@350) March 12, 2020<\/a><\/p><\/blockquote>\n