Implementation of the Fossil Fuel Investment Principles

Following the adoption of the Fossil Fuel Investment Principles by the Yale Board of Trustee 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 the oil and gas companies listed below no longer be eligible for the Endowment. These companies were selected by the ACIR 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 ACIR is aware that many companies in the fossil fuel industry are announcing new goals, some of which address GHG intensity, and thus will be monitoring the companies’ progress. The ACIR is continuing to evaluate companies under these criteria and expects to add more names in the near future.

The ACIR is developing additional criteria under the Principles, including Principles 3 and 4.

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

Fossil Fuel Producers No Longer Eligible for Yale’s Endowment

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.
ConocoPhillips
Contango Oil & Gas Company
Crescent Point
Crew Energy Inc.
Dommo Energia S.A.
Earthstone Energy, Inc.
EnQuest
Evolution Petroleum Corporation
Goodrich Petroleum Corporation
Gulf Keystone Petroleum Limited
Horizon Oil Limited
Imperial Oil
Inpex Corporation
Japan Petroleum Exploration Company Ltd (Japex)
JKX
Lonestar Resources US Inc.
Magnolia Oil & Gas Corporation
Marathon Oil
Mari Petroleum Company Limited
MEG Energy Corporation
Northern Oil and Gas, Inc.
Obsdidian 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 Petroleum Development Company Plc
SilverBow Resources, Inc.
Suncor Energy
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.
Vermillion Energy Inc.
W&T Offshore, Inc.