PITTSBURGH (AP) — Some of the largest pension funds in the U.S. and the world are worried that fossil fuel companies may not be as profitable in the future because of efforts to limit climate change. Now, they're asking for details on how the firms will manage a long-term shift to cleaner energy sources.
In a statement released Thursday, leaders of 70 funds said they're asking 45 of the world's top oil, gas, coal and electric power companies to do detailed assessments of the financial risk.
Signers of the letter include the treasurers of California, New York state, New York City, Maryland, Oregon and Connecticut, as well as The Church of England Pensions Board and the investment firm Rockefeller & Co.
The funds are asking for risk assessments to be finished by spring.