New York pension fund divests $7 million from Canadian oil sands corporations By Reuters

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© Reuters. FILE PHOTO: Canadian Pure Sources Restricted’s Primrose Lake oil sands venture is seen close to Chilly Lake, Alberta

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By Nia Williams (NYSE:)

CALGARY, Alberta (Reuters) -New York’s state pension fund is proscribing funding in six Canadian oil sands firms as a result of they haven’t proven they’re ready for a transition to a low-carbon future, the fund’s Comptroller Thomas DiNapoli mentioned on Monday.

The New York State Widespread Retirement Fund will divest greater than $7 million in securities already held within the firms, and never make any additional investments in them, DiNapoli mentioned in a press release.

Canada’s oil sands maintain the world’s third-largest crude reserves and have among the highest emissions depth per barrel, because of the carbon-intensive manufacturing means of extracting tar-like bitumen from the bottom.

Local weather-focused buyers are placing rising stress on the businesses to cut back their greenhouse gasoline emissions or face divestment.

In December, the fund mentioned it could assist curb local weather change by transitioning its investments to net-zero greenhouse gasoline emissions by 2040, making it the primary U.S. pension fund to set the objective by that date.

“We have now fastidiously reviewed firms within the oil sands business and are proscribing investments in those who do not need viable plans to adapt to the low-carbon future,” DiNapoli mentioned. “Firms answerable for massive greenhouse gasoline emissions like these on this business, pose vital dangers for buyers.”

The businesses are Imperial Oil (NYSE:), Canadian Pure (NYSE:) Sources Ltd, MEG Power (OTC:) Corp, Athabasca Oil (OTC:) Corp, Japan Petroleum Exploration Ltd, and Cenovus Power (NYSE:) Inc. A seventh firm talked about in DiNapoli’s assertion, Husky Power (OTC:), was acquired by Cenovus in January.

New York State continues to put money into oil sands producer Suncor Power (NYSE:).

The fund is the third-largest pension fund in the USA with an estimated valuation of about $248 billion.

“The sensible cash, led by New York, is headed away from the climate-damaging power sectors of the previous, and into the long run with clear, protected renewable power,” mentioned Richard Brooks, Local weather Finance Director at Stand.Earth.

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