New York State Common Retirement Fund, Albany, and New York State Comptroller Thomas P. DiNapoli's office reached agreements with 11 companies to improve environmental policies and address climate risk, confirmed Matthew Sweeney, Mr. DiNapoli's spokesman.
Mr. DiNapoli and the $216.2 billion pension fund, for which he is the sole trustee, sent 15 shareholder proposals to 15 companies, of which 11 companies made climate-related agreements.
A news release from Mr. DiNapoli provided the details on each of the 11 agreements:
Capri Holdings, Dollar General Corp. and Under Armour Inc. agreed to increase their uses of renewable energy and set targets for increased energy efficiency, and Keurig Dr. Pepper Inc. made a similar agreement and also adopted a sustainability plan that includes a goal of 100% electricity from renewable sources by 2025.
Oil and gas companies Concho Resources Inc., Range Resources Inc. and Diamondback Energy Inc. agreed to "assess and disclose the business impact of regulatory efforts to limit global warming under the terms of the Paris Agreement," the news release said.
American Financial Group and Papa John's International agreed to provide sustainability reports, including plans for addressing the impact of climate change on their businesses.
Martin Marietta Materials Inc., a company that produces aggregates for construction, agreed to assess and publicly report the "risks and opportunities available in the global transition to a lower carbon economy," the news release said.
Finally, utility company Vistra Energy Corp. agreed to set targets for reducing greenhouse gas emissions. The news release says Vistra is currently one of the largest greenhouse gas emitters in the pension fund's public equity portfolio.
"Climate change is a significant threat to our pension fund's investments and we take a broad approach when it comes to mitigating climate risk by encouraging the companies we invest in to disclose climate change's impact and to set meaningful goals for lowering their emissions and using renewable energy sources," Mr. DiNapoli said in the news release. "There is no single magic bullet for addressing climate change, but we are continuing to move forward with a thoughtful long-term approach to mitigating its impact on our investments."