Implementation of the Fossil Fuel Investment Principles

Following the adoption of the Fossil Fuel Investment Principles by the Yale Board of Trustees in April 2021, the ACIR began its task of applying the Principles and recommending to the CCIR fossil fuel producers that should no longer be eligible for investment by the Endowment.

The Principles are as follows:

Principle No. 1
Fossil fuel producers should neither explore for, produce or supply fossil fuels, nor engage in methods of extraction, that result in high greenhouse gas (GHG) emissions  relative to energy supplied, if there are feasible alternatives that result in significantly lower GHG emissions.

Principle No. 2
Fossil fuel producers should operate in a manner consistent with best industry practices to reduce GHG emissions.

Principle No. 3
Fossil fuel producers should not undermine but support sensible government regulation and industry self-regulation addressing climate change.

Principle No. 4
Fossil fuel producers should not undermine but support accurate climate science and accurate public communication about fossil fuel products, climate science, and  climate change.

Principle No. 5
Fossil fuel producers should be transparent with Yale and Yale’s Investment Managers about their compliance with Principles Nos. 1 through 4.

The CCIR approved the ACIR’s recommendation that coal producers no longer be eligible for the Endowment under Principle 1, because there are feasible alternatives to coal that result in less GHG emissions relative to energy supplied. The CCIR also approved the ACIR’s recommendation that certain oil and gas companies no longer be eligible for the Endowment because they fail to disclose their Scope 1 and Scope 2 GHG emissions, or produce fossil fuels with a high level of GHG intensity, indicating a violation of Principles 1, 2 and/or 5. 

The CCIR has also approved the ACIR’s recommendation to add companies to the restricted list on the basis of Principle 3. The ACIR examined those oil and gas companies it believes have the greatest potential to influence policy, and mapped their statements, activities, and inactions against those policies that have the greatest potential to affect climate change. Based on all the evidence reviewed, the ACIR has identified four companies it finds to be in violation of Principle 3. More names may be added in the future; however, the ACIR intends to focus on the companies with the most power to influence policy.

The ACIR is aware that many companies in the fossil fuel industry are shifting their behavior and/or announcing new goals, some of which may ultimately address the ACIR’s concerns; thus, the ACIR will be monitoring the companies’ progress. As stated in the report of the Committee on Fossil Fuel Investment Principles, the application of these Principles is expected to be dynamic. 

The ACIR is continuing to develop criteria under Principle 4. 

We continue to invite all members of the Yale community to submit their suggestions through a webform.

The following list is subject to change based on periodic updates by the ACIR, subject to approval by the CCIR.

Fossil Fuel Producers No Longer Eligible for Yale’s Endowment Under Principles 1, 2 and/or 5

APA Corporation
Battalion Oil Corporation*
Berry Corporation*
Baytex Energy Corp.
Bonanza Creek Energy, Inc.*
Bonterra Energy Corp.*
Buru Energy Limited*
Canadian Natural Resources Ltd
Callon Petroleum Company
Centennial Resource Development, Inc.*
China Energy Development Holdings Limited*
Comstock Resources, Inc.*
Contango Oil & Gas Company*
Crescent Point Energy Corp.
Crew Energy Inc.*
Dommo Energia S.A.*
Earthstone Energy, Inc.*
EnQuest PLC
Evolution Petroleum Corporation*
Goodrich Petroleum Corporation*
Gulf Keystone Petroleum Limited
Horizon Oil Limited*
Imperial Oil Limited
Inpex Corporation
Japan Petroleum Exploration Company Ltd (Japex)
JKX Oil & Gas plc
Lonestar Resources US Inc.*
Magnolia Oil & Gas Corporation*
Marathon Oil Corporation
Mari Petroleum Company Limited*
MEG Energy Corporation
Northern Oil and Gas, Inc.*
Obsidian Energy Ltd. *
Oil and Gas Development Company Limited*
Otto Energy Limited*
Pakistan Petroleum Limited*
Panoro Energy ASA*
PDC Energy, Inc.*
Penn Virginia Corporation*
Petro Rio S.A. *
PT Energi Mega Persada Tbk*
PT Medco Energi Internasional Tbk
Ring Energy, Inc.*
SandRidge Energy, Inc.*
Santos Limited
Seplat Energy Plc.*
SilverBow Resources, Inc.*
Suncor Energy Inc.
Surge Energy Inc.
Talos Energy Inc.*
Tamar Petroleum Ltd.*
Tamarack Valley Energy Ltd.
Touchstone Exploration Inc.*
TransGlobe Energy Corporation*
Tullow Oil plc
VAALCO Energy, Inc.*
Valeura Energy Inc.*
Vermilion Energy Inc.
W&T Offshore, Inc.*
For failure to disclose Scope 1 and/or Scope 2 GHG emissions. 

Fossil Fuel Producers No Longer Eligible for Yale’s Endowment Under Principle 3

Devon Energy