An oil worker holds raw sand bitumen near Fort McMurray in 2008. THE CANADIAN PRESS/Jeff McIntosh

Norwegian pension fund omits four Canadian firms as it exits oilsands investments

KLP to no longer invest in companies that get more than five per cent of revenue from oilsands

The largest pension fund in Norway has removed four Canadian energy names from its investment list and says it will no longer put money in companies that derive more than five per cent of their revenue from the oilsands.

KLP says it sold US$58 million worth of stocks and bonds as it reduces its tolerance threshold for companies with interests in the oilsands from 30 per cent to five per cent, matching its limit for coal investments.

The fund says it will now exclude Calgary-based Cenovus Energy Inc., Suncor Energy Inc., Imperial Oil Ltd. and Husky Energy Inc. from investment consideration, along with Russia-based Tatneft PAO.

Shares in all four companies have fallen since a year ago as growth outstripped pipeline capacity, leading to steep price discounts and legislated production curtailments in Alberta.

Keith Stewart, senior energy strategist with Greenpeace Canada, says in an email institutional investors are continuing to abandon high-carbon investments because they “can see where the puck is heading.”

READ MORE: Alberta oil and gas producer cleanup cost estimates set too low, says coalition

In a news release, the Norwegian fund which administers more than US$81 billion in assets says a full exit from the oilsands is “great news” for customers because that activity is not aligned with a two-degree Celsius global warming target.

“By going coal and oilsands free, we are sending a strong message on the urgency of shifting from fossil to renewable energy,” said KLP CEO Sverre Thornes in a statement.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

City of Nanaimo helps residents stave off boredom with ‘wellness bingo’

Recreation coordinators promote social well-being and physical activity through online platforms

Ferry breaks down at Departure Bay, several sailings cancelled

B.C. Ferries vessel the Queen of Oak Bay held in dock in Nanaimo due to main engine issue

Thieves break through wall to steal tools from home under construction

Drywalling tools taken from house on Bonnie Drive in Nanaimo last week

Donald Trump says Canadians on two stranded cruise ships will be heading home

Global Affairs Canada said in a statement that there are 97 Canadian passengers on the Zaandam

Nanaimo air compressor business helps manufacture parts for COVID-19 fight

VMAC has crafted parts now being tested in prototype ventilator created at University of Minnesota

‘We don’t need this right now’: B.C. man breaks up road rage incident

Two men were throwing punches on Tillicum Road in Saanich on Vancouver Island

North Cowichan to police popular trails to ensure physical distancing

“You can expect delays accessing Mount Tzouhalem, or even to be turned away.”

‘We will get through this’: B.C. sees new COVID-19 death, but 57% have recovered

A total of 1,066 people have tested positive for the novel coronavirus

Canada’s 75% wage subsidy is coming, but not for several weeks: finance minister

Subsidy will cost Canada $71 billion, but push down cost of emergency benefit, Morneau said

COVID-19: ‘The Ballad of Bonnie Henry’ recorded and released

LISTEN: Quick turnaround for song penned by B.C. Order of Canada musician Phil Dwyer

B.C. adding $300 to monthly income and disability assistance payments

‘Crisis supplement’ for COVID-19 for April, May and June

‘A matter of human decency’: Truckers’ union calls on gas stations, rest stops to fully re-open

Teamsters Canada wants feds, provinces to put pressure on facilities to re-open for transport workers

Hip tradition sing-along planned again for Canadians April 2

The Tragically Hip’s Paul Langlois is encouraging all to join him virtually in a’Porch Session.’

Migrant worker advocates blame feds, employers for COVID-19 outbreak at B.C. garden store

Migrant farm worker group calls on government for adequate health and safety requirements

Most Read