Thomas DiNapoli, the comptroller of the New York State Common Retirement Fund, on Monday, said the fund would restrict investment in six Canadian oil sands companies due to their lack of commitments in the shift to low-carbon energy. He also added that the fund would divest $7 million in securities it held in these firms and plans no further investments in them. The move is part of the fund’s target to make its investment portfolio have net-zero greenhouse gas emissions by 2040.
Canada’s oil sands hold the third-largest oil reserves in the world. However, its emissions intensity per barrel was among the world’s highest due to the carbon-intensive extraction process. The seven companies blacklisted by the fund are Canadian Natural Resources Ltd, Athabasca Oil Corp, Cenovus Energy Inc, Husky Energy, Imperial Oil, MEG Energy Corp, and Japan Petroleum Exploration Ltd.
