The Thrift Savings Plan has$34,500,000,000$34.5Bin fossil fuel stocks

The Federal Thrift Savings Plan (TSP) manages over $725 billion in retirement savings for 6 million federal employees. It's putting those savings into coal, oil, and gas companies that are driving the climate crisis.

If the TSP continues to ignore climate change, plan participants could face financial losses from stranded assets and other climate-related financial risks.

22% of TSP fossil fuel investments are in 10 oil & gas majors

$USD invested% of fossil fuel investments
Exxon Mobil$2.6B7.44%
Chevron$1.6B4.75%
ConocoPhillips$819M2.38%
Shell$754M2.19%
TotalEnergies$517M1.5%
Phillips 66$384M1.11%
BP$372M1.08%
Valero Energy$295M0.86%
Eni$126M0.37%
Marathon Oil$87M0.25%
Total$7.6B22%

$34.5B in Thrift Savings Plan fossil fuel investments by industry. "Other" includes coal mining and conglomerates with carbon reserves and/or fossil fuel operations.

$15.6B in oil & gas companies

Top 10 oil & gas industry investments in Thrift Savings Plan funds

Exxon Mobil
$2.6B
Chevron
$1.6B
ConocoPhillips
$819M
Shell
$754M
TotalEnergies
$517M
Cheniere Energy
$486M
Schlumberger
$423M
EOG Resources
$409M
Marathon Petroleum
$394M
Phillips 66
$384M
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$7.7B in fossil-fired utilities

Top 10 fossil-fired utility investments in Thrift Savings Plan funds

NextEra Energy
$694M
Southern
$450M
Duke Energy
$434M
Constellation Energy
$330M
American Electric Power
$275M
Sempra
$272M
Dominion Energy
$245M
Exelon
$219M
PG&E
$218M
Enel
$193M
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BlackRock and State Street are failing their responsibility of prudent and loyal stewardship

A significant proportion of TSP fund assets are managed by BlackRock and State Street, who routinely vote these shares according to their own investment policies.

Last year, BlackRock opposed 93% of shareholder proposals related to climate change or social issues, up from 78% the year before, and 53% the year before that.

State Street isn't much different. Research shows how both State Street and BlackRock support the status quo at climate-critical companies, voting in favor of boards of directors over 95% of the time.

What can the TSP do?

The TSP is required to by law to track certain indices. But there are steps the plan could take to safeguard workers' savings.

  • AUDIT: Perform and publish a rigorous audit of the TSP's exposure to climate-related financial risk.

  • ENGAGE: Engage TSP fund managers like BlackRock and State Street Global Advisors on climate risk-related proxy voting policies. Engage TSP index providers like S&P Global and MSCI to take climate risk into account in index management.

  • EDUCATE: Ensure employees are aware of the risk that climate change poses to their retirement savings.

Frequently asked questions

Can the TSP add new climate-safe fund options?

Does the TSP have a self-directed option with climate-safe funds?

Can the TSP vote in favor of climate-related shareholder proposals?

What role do BlackRock and State Street play?

What steps have other retirement savings systems taken to protect from climate risk?

What is climate-related investment risk?

Where did you get this data?

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