By Ross Kerber

BOSTON (Reuters). New York’s State Pension Fund will Sell $238 Million of Stock and Debt It Holds Across 21 Shale Oil and Gas Companies, including Chesapeake Energy Corp. (NYSE: Hess Corp (NYSE: Pioneer Natural Resources (NYSE:) that they haven’t shown any willingness to transition to a low emission economy.

According to information reviewed by Reuters, New York Comptroller Thomas DiNapoli who supervises retirement assets, 21 other shale businesses will be kept in the fund, including CNX Resources Corp (NYSE.) Corp and EQT Corp.

In a statement, DiNapoli stated that investments were being restricted in firms “to protect the state pension fund” and sent it to him via e-mail. According to DiNapoli’s office via email, an investigation revealed that the sold companies continue to invest in high-risk assets and high-cost ones.

None of these companies returned messages seeking comments.

U.S. pioneered a way to pump water, sands and chemicals into shale rocks formations. This releases oil and gas trapped in the rock. The United States has been the largest producer of oil and top exporter in the last few decades due to its shale discoveries.

Although the $280 billion New York State pension fund does not hold a large number of shale companies it is closely monitored by other institutions as they weigh whether or not to abandon fossil fuel stocks.

DiNapoli announced last year that it would begin reviewing shale oil companies in Canada and sell securities worth $7 million to Canadian oil sands company companies. The fund will next review whether it should take similar steps to support large-integrated oil companies.

Some activists have pressed for more comprehensive divestment, and gained support from universities and other institutions such as New York City’s retirement funds. According to a new Maine law, state pension officials in Maine are planning to dispose of fossil fuel stocks.

Simiso Nzima was the managing director of global equity at Calpers. He said, however, that California’s top pension fund (Calpers), which has a total value of $500 billion, isn’t ready for broad divestment.

He said, “If you divest you don’t solve climate change. Nzima stated that Calpers are likely to vote in favor of more directors for companies this year, on topics such as the environment and boardroom diversity.

Moreover, certain Republican officials oppose investor pressure on fossil fuel companies.

The statement states that New York will “ascertain the prudentness and timeline of the sale” of the stocks.