A study by Stand.earth shows that more than 800 million dollars of American pension funds have been invested in the Russian War Chest

New data from Stand.earth shows more than $800 million of US pension funds have been invested in the Russian war chest

Stand.earth research shows millions from California, Massachusetts, Washington, Alaska, New York and others have invested heavily in Russian oil and gas

Traditional Lummi and Nooksack Lands and Unceded and Coast Salish Territories (BELLINGHAM, WA) – Today, Stand.earth revealed new research showing how more than $800 million in US public pension funds are still invested in Russia’s five major oil and gas companies, despite international outcry over Vladimir Putin’s invasion of Ukraine. Pensions include retirement plans for California and New York teachers, state investments Washington, Alaskaand New Jerseyas well as pension plans for civil servants Colorado and Massachusettsamong others.

Since Putin began his illegal invasion last week, many government and business actors have begun cutting ties with Russian oil and gas majors – including Norway, BP, Shell and Exxon – but billions of dollars remain invested in Russian oil and gas majors.

“We know that banks, insurance companies and institutional investors like pension funds are the great catalysts of climate chaos, but the war in Ukraine tragically shows that they are also the catalysts of military chaos,” he said. the Executive Director of Stand.earth. Todd Paglia mentioned. “By funding and subsidizing fossil fuel companies like Rosneft and Gazprom, these financial institutions are complicit in climate-fueled global conflict, vulnerability and instability. Public pension funds are supposed to be the longer-term investors, and these institutions have an obligation to use their power to pressure Russia to end this conflict. They can make a real difference by divesting themselves of Rosneft, Lukoil, Gazprom and the other Russian carbon majors that fuel Putin’s war chest.

On Monday, Stand.earth released data showing how major Canadian financial institutions continue to invest in Russian oil and gas, and on Tuesday the environmental organization did the same for US financial institutions. None of these institutions has yet signaled the end of its investments, despite global pressure to do so.

To see the research, click here.

Todd Paglia: “It is clear that banks, financial institutions and governments themselves must see this moment as a wake-up call to raise capital to build a safer clean energy system. By funding fossil fuel companies, our financial institutions are funding the continued production and burning of coal, oil and gas, which increases methane and carbon pollution just when we need to do the exact opposite: reduce urgently and quickly emissions, and invest in climate solutions. This conflict clearly shows how dangerous our reliance on a fossil fuel system is, especially one that concentrates power in the hands of someone like Putin.

Oil and gas exports from Rosneft, Gazprom, Surgutneftegas, Transneft and Lukoil are critical to Russia’s ability to fund its military and maintain influence in world politics. Research of Carbon Panties showed that Russia accounts for 17% of global gas production and 12% of global oil production. Oil and gas accounted for 60% of Russia’s exports and nearly 40% of revenue in 2019. The country derives more than $500 million in oil and gas revenue every day.

Many companies and government institutions are already taking action against Russian oil and gas companies in light of the illegal invasion. BP, for example, recently announced that it would sell its 19.75% voting stake in Rosneft, effective immediately, and New York State has just introduced a bill that would require pension funds public authorities to divest themselves of all Russian companies.

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CONTACT: Travis Nichols, Director of Communications, Stand.earth +1 404.432.1362 [email protected]

METHODOLOGY: Complete asset lists and details of public pension funds are not consistently available. Some public pension funds like New York State and California publish comprehensive lists of assets for the funds on their websites each year, which include number of shares, market value and cost base, as well as as the names of the individual companies held. Other funds, such as Oregon and Alaska, make this information available on request, with some requests met quickly, others requiring follow-up or significant time. Some funds only share information after a formal freedom of information type request has been filed. The value of these holdings is based on the data available in the declarations of the funds themselves. References and links to each fund’s assets can be found on pages 24-27 of the Quiet Culprit: Pensions Fund Bankrolling the Climate Crisis report.

Stand.earth (formerly ForestEthics) is an international nonprofit environmental organization with offices in Canada and the United States that is known for its groundbreaking research and successful corporate and citizen engagement campaigns to create new policies. and industry standards in protecting forests, defending the rights of indigenous peoples and protecting the climate. Visit us at www.stand.earth and follow us on Twitter @standearth.