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New York State pension fund restricts investments in Canadian oilsands companies

The six oilsands firms haven’t shown they are prepared for a transition to a low-carbon future, fund says

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CALGARY– New York’s state pension fund is restricting investment in six Canadian oilsands 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 US$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 Cor.p, 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 oilsands 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.”

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