April, 12 2021, 12:00am EDT

New York State Pension Fund Divests From 7 Tar Sands Companies
First state pension fund in the USA to join tar sands investor exodus.
WASHINGTON
The New York State Comptroller Tom DiNapoli announced todaythat the massive $246 billion New York State Common Retirement Fund completed a review of its oil sands holdings and has divested from seven tar sands companies. The companies divested include: Imperial Oil, Canadian Natural Resources, Husky Energy, MEG Energy Corp., Athabasca Oil Corporation, Cenovus Energy, and Japan Petroleum Exploration.
"Alberta's oilpatch is the dirtiest of the dirtiest--there's no need for this crude, and no place for it on a planet serious about the climate crisis. Kudos to Tom DiNapoli for making it clear that you can't build your retirement on tarsands," said Bill McKibben, 350.orgfounder.
The companies were found to present too great a risk to the fund due to lack of transition plans and alignment with the Paris Climate Agreement goals of keeping temperature rise to 1.5 degrees. In a groundbreaking announcement in December 2020, Comptroller DiNapoli detailed a plan to review the fund's entire portfolio of fossil fuel companies and divest from the riskiest companies by 2025 as well as achieve net zero emissions by invested companies by 2040. The Fund will now begin to review shale oil and gas companies, a major source of water and air pollution.
"DivestNY is committed to getting NY's public pension funds to divest from fossil fuels. It is wrong to be invested in companies that are destroying the planet, and it is also financially unwise, considering that the world is transitioning to renewables, which is causing fossil fuel values to steadily decline. We are proud of Comptroller DiNapoli for the Common Retirement Fund's rigorous review of its tar sands holdings and for his ongoing commitment to protect NY retirees and taxpayers from risky fossil fuel investments." - Jordan Dale, Divest NY Coalition
Suncor Energy and Tatneft which were reviewed but not divested from will be added to a risk watch list and re-assessed in a year. The tar sands review follows on the pension fund divesting from 22 thermal coal companies last June after a similarly extensive review. The fund has committed to invest more than $20 billion in climate solutions including sustainable investments such as green bonds, clean and renewable energy infrastructure and LEED-certified real estate.
"The first state pension fund in North America to divest from tar sands is no small matter. This is only the beginning as other North American pension funds are increasingly recognizing that the tar sands is a risky investment both for pensioners and our planet," said Richard Brooks with Stand.earth. "It's time to pivot to clean, safe renewable energy. That's where the smart money, led by New York, is headed."
Capital expenditures in the tar sands have dropped by more than 64.6% from 2014 through 2019. In recent years oil majors like Shell, Statoil, ConocoPhillips and even Koch Industries have left the tar sands altogether and in February of this year ExxonMobil cut its tar sands reserves by 98%. Last year alone saw over C$14 billion stranded assets in the oil sands. Write downs included C$2.8 billion by Suncor, C$1.13 billion by Teck, C$9.3 billion by Total, and C$1.2 billion by Imperial Oil. The US-based Global Energy Monitorrecently reported an additional US$32 billion in oil and gas pipelines are at risk of becoming stranded assets in Canada.
There are now more than 1,300 institutions with more than $14 trillion in assets that have committed to some form of fossil fuel divestment. These include pension funds, universities and colleges, faith and philanthropic organizations and cities and countries. Last month, New York City, which had earlier committed to divest from fossil fuels, announced it had tripled investments in climate solutions such as renewables to $6 billion.
"It is wonderful news that one of the largest pension funds is divesting from tar sands, the world's dirtiest fuel. We await a similar announcement from the New York State Teachers' Pension fund in the near future." - Sally Courtright, The Climate Reality Project: Capital Region, NY Chapter
The DivestNY coalition is a multigenerational, multiracial effort to divest all of New York's pension funds from fossil fuels. Building on the recent big wins at the city and state level, the coalition has turned its sights on convincing the $125 billion NYS Teachers Retirement System, the 7th largest in the country to divest.
350 is building a future that's just, prosperous, equitable and safe from the effects of the climate crisis. We're an international movement of ordinary people working to end the age of fossil fuels and build a world of community-led renewable energy for all.
LATEST NEWS
By Confirming Bisignano, Senate GOP Greenlights 'DOGE Destruction of Social Security'
"Their playbook is clearly to break Social Security so they can justify further cuts and privatization," one labor leader warned.
May 06, 2025
Defenders of the Social Security Administration sounded the alarm on Tuesday after U.S. Senate Republicans banded together to confirm President Donald Trump's pick to lead the federal agency, former financial services executive Frank Bisignano.
The new SSA commissioner—confirmed with a 53-47 vote along party lines—has described himself as a "DOGE person," referring to Trump's Department of Government Efficiency, which is led by billionaire Elon Musk.
"Elon Musk and Donald Trump, with the quiet help of Frank Bisignano, have spent the last few months taking a chainsaw to Social Security," said Nancy Altman, president of the advocacy group Social Security Works. "This vote was an opportunity for the Senate to reject the decimation of Social Security, and demand that Trump nominate a commissioner who will stop the bleeding. Instead, every Senate Republican just signed off on the DOGE destruction of Social Security."
Bisignano "is a Wall Street CEO with a long history of slashing the companies he runs to the bone, including massive layoffs," she noted. "He is also a liar. He claims he was not involved in all the chaotic and destructive changes at the Social Security Administration: the hollowing out of the agency, the stealing of our most sensitive data, the harmful and poorly rolled out policy changes, their sudden reversals, and more. However, there are well over a dozen long-serving civil servants, identified by a brave whistleblower, who can validate that he is lying."
Altman warned that "with Bisignano's increased power as a confirmed commissioner, he will accelerate the destruction of our Social Security system. One ray of hope is that the DOGE henchmen running Social Security have reversed course on some of the biggest cuts in the face of massive public outrage. They know how popular Social Security is with voters of all parties."
"Together, we can save Social Security from Trump, Musk, and Bisignano," she added. "It's going to take millions of people in the street raising our voices together, saying hands off our Social Security."
American Federation of State, County and Municipal Employees (AFSCME) president Lee Saunders similarly said that "the Senate just escalated threats to Social Security" by confirming a billionaire CEO who "has spent his career catering to Wall Street elites."
"Bisignano could have stood up for working families and retirees by opposing efforts to roll back Social Security services, shut down offices, and lay off thousands of workers. Instead, he promises to provide more of the same failed, destructive leadership we have seen so far at Social Security," Saunders pointed out, also flagging his "DOGE person" remarks.
"Their playbook is clearly to break Social Security so they can justify further cuts and privatization," the labor leader stressed, vowing that AFSCME members "are keeping up the fight to protect our freedom to retire with dignity."
Richard Fiesta, executive director of the Alliance for Retired Americans, called the confirmation vote "deeply troubling to millions of current and future retirees who rely on the guaranteed benefits they paid for and earned through a lifetime of work."
"Mr. Bisignano's testimony before the Senate, along with his long career in the finance and tech sectors, provides no reassurance that he understands—let alone prioritizes—the needs of older and disabled Americans," said Fiesta. "We remain alarmed by the risk that he will support privatization schemes or replace essential SSA workers with AI systems, which could undermine the quality and accessibility of services."
Newly elected Democratic National Committee Chair Ken Martin also blasted the Senate GOP for confirming "a Wall Street stooge and self-proclaimed 'DOGE person' who wants to help Donald Trump and his shadow president Elon Musk gut the program."
"Just like Trump and Musk, Bisignano will gladly put Social Security on the chopping block to line the pockets of billionaires and special interests," Martin added, arguing that the men put the benefits of 73 million people at risk.
Members of the Senate Democratic Caucus, including Minority Leader Chuck Schumer (D-N.Y.), also warned of the danger posed by the new commissioner. In Schumer's words, "The nomination of Mr. Slash-and-Burn Bisignano is DOGE by another name."
"Donald Trump and Republicans know they can't admit they want to kill Social Security outright, so instead they're choosing another method: strangulation. Office closures, delays, mass layoffs, trouble over the phone, trouble over email. Bisignano would bring even more strangulation," Schumer said before the vote. "If Mr. Bisignano is confirmed, Senate Republicans will own all of the chaos he creates at the Social Security Administration."
Keep ReadingShow Less
'Concerning, Shortsighted, and Detrimental': Trump Attacks National Endowment for the Arts
"Creative expression is the lifeblood that vivifies a free and democratic culture," said the head of one nonprofit publisher. "Every story a writer tells is one Trump cannot control."
May 06, 2025
Arts institutions around the country expressed sadness and outrage after the Trump administration notified theaters, literary arts organizations, and other groups on Friday that their National Endowment for the Arts grants were being withdrawn or canceled. The message came the same day that U.S. President Donald Trump proposed eliminating funding for the independent federal agency.
"Any attempt to dismantle the National Endowment for the Arts (NEA)—by eliminating funding, reducing staff, or canceling grants—is deeply concerning, shortsighted, and detrimental to our nation," said CEO of Americans for the Arts, Erin Harkey, on Saturday. "NEA grants have touched every American, supporting projects in every congressional district and helping the arts reach parts of the country, including often overlooked rural communities."
According to NPR, which itself receives two NEA grants valued at $65,000, hundreds of groups across the country on Friday received a message from the NEA that grants offered for the 2025 fiscal year were being terminated or withdrawn. The email read, in part, "the NEA is updating its grantmaking policy priorities to focus funding on projects that reflect the nation's rich artistic heritage and creativity as prioritized by the president."
"Consequently," the email continued "we are terminating awards that fall outside these new priorities." According to NPR, the email states the president's priorities include projects that "celebrate the 250th anniversary of American independence," "make America healthy again," and "foster skilled trade jobs," among others.
Impacted organizations have submitted information about their terminated or withdrawn NEA grants to a public tracker, which as of Tuesday afternoon lists over 200 groups. According to the spreadsheet, total funding revoked as of 3:00 pm Eastern Time tallied $5.9 million.
According to reporting from The Washington Post, it was not immediately clear whether the NEA is able to rescind grants it has already awarded, something that grantees who spoke to the outlet raised. The NEA was established by Congress in 1965 is the largest funder of arts and arts education countrywide, also according to the Post.
The move to revoke funding "not only threatens the stability of countless community-based programs but also places a heavy burden on smaller arts organizations that rely on consistent support to serve, educate, and inspire," wrote Lina Lindberg, a grant strategist, on LinkedIn on Tuesday.
The nonprofit publisher Electric Literature announced on Monday that its 2025 NEA grant was terminated, but struck a defiant tone in the public statement.
"Creative expression is the lifeblood that vivifies a free and democratic culture. Trump is obsessed with a heritage and legacy of his own imagination. For him, literature is forward facing and therefore dangerous. Every story, even about the past, is a new story. Every story a writer tells is one Trump cannot control," wrote the organization's executive director, Halimah Marcus. "Electric Literature will continue to publish culturally enriching stories about the past, present, and future with honesty and heart."
Portland Playhouse posted on Instagram that the administration had withdrawn the nonprofit theater's $25,000 NEA grant on the eve of the opening night of a production the funding was meant to support.
"To receive this news on the eve of opening night is deeply disappointing. While we have no plans currently to cancel our production, moving forward without the support of this critical funding presents a significant challenge for our company," the playhouse wrote. "We know we're not alone. Arts organizations across the country are grappling with reduced support at a time when the need for community, connection, and cultural expression is vital."
According to n+1's development director Dani Oliver, the magazine on Friday learned about the termination of its $12,500 2025 NEA grant "meant to help us pay our authors, our editors, and to have the magazine distributed to our readers."
"We're trying to stay optimistic, but with the administration's other announcement this week that the NEA might be shut down in its entirety, it's hard to do so," Oliver added.
Earlier Friday, Trump proposed completely getting rid of the NEA in his budget blueprint for fiscal year 2026.
Next to where the NEA appears in the budget, the document explains that "the budget includes the elimination of, or the elimination of federal funding for, the following small agencies."
In addition to NEA, Trump's budget also proposed eliminating funding for the National Endowment for Humanities and the Institute of Museum and Library Services. The New York Timesreported Friday that "the proposal to eliminate the endowments drew a quick and furious reaction from Democrats."
The Times also reported that on Monday a group of senior officials at the NEA announced their resignations.
One observer, Manhattan Borough President Mark Levine, connected the grant terminations to the effort by Republicans in Congress to pass a round of tax cuts that will primarily benefit the wealthy. "The next thing Trump is trying to tear down: the arts," he wrote on X Tuesday. "All to fund tax cuts for billionaires."
Keep ReadingShow Less
Lina Khan Accuses Trump FTC of Trying to Let Oil Exec 'Off the Hook' for Price Gouging Scandal
As FTC chair, Khan stopped a fossil fuel CEO from "cashing in and joining Exxon's board," said one lawmaker. "Now, with Trump bending to the whims of Big Oil, he's considering overturning that punishment."
May 06, 2025
"So much for America First," said one progressive lawmaker on Monday regarding the Federal Trade Commission's new push to reverse a ban on two fossil fuel CEOs from serving on the boards of ExxonMobil and Chevron—the oil giants that were acquiring their companies.
The FTC is accepting public comments until May 12 on a petition filed by former Pioneer National Resources CEO Scott Sheffield, which would set aside the Biden administration's consent order; finalized days before President Donald Trump took office, that barred Sheffield from serving on Exxon's board.
The order also applied to John Hess, CEO of Hess Corp., which was being acquired by Chevron.
Then-FTC Chair Lina Khan barred the CEOs from becoming board members over concerns that they would collude with representatives of the Organization of Petroleum Exporting Countries (OPEC) to ensure Americans continued paying high oil prices.
Sheffield and Hess both communicated with OPEC officials, including "the past and current secretaries general" of the organization "and an official from Saudi Arabia," according to an FTC probe under the Biden administration.
The two executives and their companies denied the allegations. Republican members of the FTC at the time voted against Khan's ban on the board positions, claiming it overstepped the agency's authority.
But on Monday, Khan urged those who oppose oil price fixing by energy giants to submit public comments on the Trump administration's "proposal to release Sheffield from accountability."
"The FTC is now trying to let this oil executive off the hook," said Khan, a law professor at Columbia University.
Exxon, the largest U.S. oil company, bought Pioneer in a $59.5 billion deal last year. Chevron's purchase of Hess for $53 billion is currently pending during arbitration proceedings.
The FTC's investigation last year found that Sheffield communicated with OPEC about cutting oil production and driving up consumer prices while publicly blaming government policies. One analysis found such price fixing schemes by corporations were to blame for 27% of the inflation spike that American families faced in 2021.
Sheffield pushed to "keep gas prices high so his shareholders could make even more money," said Rep. Mark Pocan (D-Wis.) on Monday. "Lina Khan's FTC prevented him from cashing in and joining Exxon's board. Now, with Trump bending to the whims of Big Oil, he's considering overturning that punishment."
Keep ReadingShow Less
Most Popular