The fund may divest its TotalEnergies holdings following the company’s $1B deal to abandon U.S. offshore wind projects for fossil fuels.
The New York State Common Retirement Fund is reassessing its investment in TotalEnergies after the energy firm accepted nearly $1 billion to terminate two U.S. offshore wind leases. The move shifts focus toward fossil fuel projects, conflicting with the fund’s sustainability goals.
TotalEnergies’ decision follows regulatory approval under the prior administration, marking a reversal from its renewable energy commitments. The fund, one of the largest U.S. public pension systems, holds significant stakes in major energy companies.
No immediate market reaction was reported, but the review signals potential ESG-driven divestment pressure on fossil fuel-linked assets.