Analysts at Bloomberg Intelligence put the figure at about $40 billion, meaning 9% of the funds’ combined equity holdings are devoted to 20 high-carbon emitting companies. The numbers may be lower since California and New York funds pared their stakes in companies including Exxon Mobil Corp., Walmart Inc. and Southern Co. since the start of the year.  Nevertheless, the fact that giant retirement plans are devoting so much money to a part of the market most responsible for accelerating the climate crisis might be surprising to those who believe recent messaging from those funds.Read More →