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New York State pension fund restricts investments in Canadian oil sands companies


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These translations are done via Google Translate
CALGARY, Alberta (Reuters) -New York’s state pension fund is restricting investment in six Canadian oil sands companies because they have not shown they are prepared for a transition to a low-carbon future, the fund’s Comptroller Thomas DiNapoli said on Monday.

The fund will divest more than $7 million in securities already held in the companies, and not make any further investments in them, DiNapoli said in a statement.

The companies are Imperial Oil, Canadian Natural Resources Ltd, MEG Energy Corp, Athabasca Oil Corp, Japan Petroleum Exploration Ltd, and Cenovus Energy Inc. A seventh company mentioned in DiNapoli’s statement, Husky Energy, was acquired by Cenovus in January.

“We have carefully reviewed companies in the oil sands industry and are restricting investments in those that do not have viable plans to adapt to the low-carbon future,” DiNapoli said. “Companies responsible for large greenhouse gas emissions like those in this industry, pose significant risks for investors.”

 

 

The New York State Common Retirement Fund is the third-largest pension fund in the United States with an estimated valuation of about $248 billion.

In December, it was the first U.S. pension fund to commit to helping curb climate change by transitioning its investments to net-zero greenhouse gas emissions by 2040, making it the first U.S. pension fund to set the goal by that date.



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