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The third-largest U.S. public pension fund on Thursday said it is launching reviews over climate concerns on $640 million invested in 42 shale oil and gas firms, including ConocoPhillips (COP.N), Hess (HES.N) and Pioneer Natural Resources (PXD.N).

The move by the New York state pension fund comes days after the United Nation’s Intergovernmental Panel on Climate Change reported global warming was nearly out of control, and calling its findings “a death knell for coal and fossil fuels.”

Major investors, including BlackRock have re-evaluated holdings in fossil fuel producers and prodded energy executives to reduce emissions and prepare for a lower carbon world. After completing its shale review, the New York fund plans to turn next to oil and gas pipeline and processing investments, it said.

Pioneer said it looked forward to working with the New York State Comptroller and that it is “committed to being a low-carbon, low-cost energy producer.”

“We engage with our shareholders on a regular basis to ensure we are being responsive to their concerns,” a spokesperson said.

[Liz Hampton]

More: New York’s pension fund to review oil holdings, axes more coal investments

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