[Editor's note: A version of this story appears in the January 2021 issue of Oil and Gas Investor magazine.]

In December, the New York State Common Retirement Fund, the third largest state pension fund in the U.S. with $226 billion invested, announced a goal to transition its portfolio to net-zero greenhouse gas emissions by 2040. A plan to assess energy sector companies in its portfolio against a set of undefined minimum standards for “climate-related investment risk” is already underway, with the Canadian oil sanders first in line.

New York State Comptroller Thomas P. Di-Napoli, who controls the fund, said the decision puts the Empire State pensioners “at the leading edge of investors addressing climate risk, because investing for the low-carbon future is essential to protect the fund’s long-term value.

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