New York State Common Retirement Fund (NYSCRF), the third-largest public pension fund in the United States, is planning to restrict investments in oil sands companies that have not made moves to transition to a low-carbon economy.
New York State comptroller Thomas DiNapoli said the fund conducted a detailed assessment that evaluated each company’s transition strategies, capital expenditures, and greenhouse gas reduction targets, among other factors. Based on this criteria, NYSCRF has identified seven companies that failed to show they are transitioning out of oil sands production.
These include:
Imperial Oil
Canadian Natural Resources
Husky Energy Inc.
MEG Energy Corp.
Athabasca Oil Corp.
Cenovus Energy Inc.
Japan Petroleum Exploration
These companies produce a heavy type of crude oil from oil sands, which are a mixture of sand, water, clay and bitumen, according to DiNapoli. Oil sands p