The heads of 70 pension funds, including some of the world's largest, have signed a letter addressed to 45 top oil and gas companies, seeking information on the industry's long-term strategies when it comes to the rising costs of fighting climate change. "Institutional investors must think over the long term, which means that we must take environmental risks into consideration when we make investments," said New York State Comptroller Thomas DiNapoli. According to Jack Ehnes, head of the California State Teacher's Retirement System, "The scientific trajectory that we're on is clearly in conflict" with oil and gas company strategies so far, raising concerns about the wisdom of continuing to invest billions in the industry.
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