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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.
FILE PHOTO: Pipelines at Canadian Natural Resources Limited s (CNRL) Primrose Lake oil sands project are seen near Cold Lake, Alberta August 8, 2013. REUTERS/Dan Riedlhuber/File Photo
The New York State Common Retirement 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.
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.
New York state pension fund says it s selling off a $7M stake in oilsands cbc.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cbc.ca Daily Mail and Mail on Sunday newspapers.
Comptroller DiNapoli will divest from oil sands producers
Represents a tiny chunk of $247.7 billion pension fund but are among the most carbon-intensive
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Activists have long called for divestment of companies that produce oil and gas fuels as a way to help wean industry and consumers off of fossil fuels.Times Union file photo
ALBANY State Comptroller Tom DiNapoli on Monday said the state’s $247.7 billion pension fund would be divesting from a half-dozen oil sands companies in keeping with a push to avoid investments that are contributing to greenhouses gases.
“As nations around the world become increasingly serious about addressing the threat of climate change and as market forces drive a low-carbon economic transition, we need to make sure our investments line up with this reality,” DiNapoli said in announcing the move. “Companies responsible for large greenhouse gas emissions like those in this industry pose significant risks for investors.”
New York State pension fund restricts investments in Canadian oil sands companies oilandgas360.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oilandgas360.com Daily Mail and Mail on Sunday newspapers.