When the New York State Pension Fund recently decided to pull the plug on its investments in Alberta's oilsands, one major player remained in its portfolio.
The fund — the third largest public pension in the United States — said in December it would transition its financial portfolio to net-zero friendly investments by 2040. It announced last month it was selling off securities in seven Canadian oilsands companies and would not make future investments in them because they don't have viable plans to adapt to a "low-carbon future."
Canadian Natural Resources and Cenovus Energy were among the companies on the blacklist, but Suncor Energy was noticeably absent. The fund decided the Calgary-based company still had the pension fund's support, for now, and would be reviewed again next year.
The organization pulled more than $7 million US out of the oilsands after evaluating companies based their transition strategies, capital expenditures, and environmental targets, among other factors.
$7Million? What a devastating blow to the industry.
The fund — the third largest public pension in the United States — said in December it would transition its financial portfolio to net-zero friendly investments by 2040. It announced last month it was selling off securities in seven Canadian oilsands companies and would not make future investments in them because they don't have viable plans to adapt to a "low-carbon future."
Canadian Natural Resources and Cenovus Energy were among the companies on the blacklist, but Suncor Energy was noticeably absent. The fund decided the Calgary-based company still had the pension fund's support, for now, and would be reviewed again next year.
The organization pulled more than $7 million US out of the oilsands after evaluating companies based their transition strategies, capital expenditures, and environmental targets, among other factors.
$7Million? What a devastating blow to the industry.