The oil and gas industry urgently adapted and responded to the double black swan events of 2020 the COVID-19-induced global demand destruction and the OPEC+-driven supply glut, but it must also mobilize as fervently to the third black swan of 2020, the ESG directive.
Big Oil, meet big divestment
Sunset for the oil industry? Image courtesy Laura Upshaw/Pixabay
Editor’s note: This story was originally published by the HuffPost
. It appears here as part of the Climate Desk collaboration.
New York State announced plans earlier in December to eject oil and gas stocks from its $226 billion financial portfolio, becoming the first US state and the biggest pension fund anywhere to divest from fossil fuels.
By 2025, the New York State Common Retirement Fund, which disburses some $1 billion in benefits to retirees each year, will sell off its “riskiest” oil and gas stocks, following a review. The state aims to completely eliminate carbon polluters from its portfolio by 2040.