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

Just Posted

Suspect wearing Batman cap sexually assaults woman on Main Street Wetaskiwin

Wetaskiwin RCMP Investigate Sexual Assault – Seek Information and ID suspect

Wetaskiwin Mayor ‘remains committed’ despite Premier’s plastic bag comments

City council: ‘health of the environment is everyone’s responsibility’

UPDATED Provincial police force demands consideration

UPDATED High cost of RCMP officers discussed recently

Pipestone Family Cafe grand opening Oct. 25

Special buffet events coming up, Trading Post for rent

County of Wetaskiwin concerned about provincial policing discussion

Lack of detail, lack of answers discussed at council Oct. 8

VIDEO: #MeToo leader launches new hashtag to mobilize U.S. voters

Tarana Burke hopes to prompt moderators to ask about sexual violence at next debate

A year after pot legalization in Canada, it’s a slow roll

It’s one year into Canada’s experiment in legal marijuana, and hundreds of legal pot shops have opened

Pot use admission at U.S. border snagging Canadian boomers, says lawyer

A waiver to enter the U.S. can cost $2,000 and isn’t a guarantee

Health concerns over vaping cast haze over Canadian cannabis market expansion

More than 1,000 people in the United States, and a handful in Canada, have developed a lung ailment

Alberta government won’t seek meeting with teen enviro-activist Greta Thunberg

NDP Opposition Leader Rachel Notley urged Alberta’s United Conservatives to meet with Thunberg

Alberta to join B.C.’s class-action lawsuit against opioid manufacturers, distributors

B.C. government claims opioids were falsely marketed as less addictive than other pain meds

VIDEO: Trudeau, Singh posture for ‘progressive’ votes while Scheer fights in Quebec

NDP Leader Jagmeet Singh, whose party has been on the rise in recent polls, is campaigning in Toronto

Advance voter turnout up 25% for first two days: Elections Canada

Two million people voted Friday and Saturday

In the news: Sprinting to the election finish line and anger amid Manitoba storms

First Nations residents forced to evacuate their Manitoba homes after a recent snowstorm

Most Read