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

Sylvan Lake and area residents vent frustration over rural crime

Justice Minister Doug Schweitzer visited Sylvan Lake Thursday as part of a rural crime tour

Sylvan Lake RCMP arrest man in Fox Run area hit and run

The arrest was made with the help of information provided by alert Sylvan Lakers

PHOTOS: Senior girls Aces beat the Blazers

The senior girls Eckville Aces met the Bowden Blazers in a Wednesday night game on Oct. 16

Lacombe County Council Highlights

County Council met for its regular meeting of council on Oct. 10

Pilot project proposed for Sylvan Lake and Rimbey RCMP

Chief Superintendent Shahin Mehdizadeh spoke about the project at Tuesday’s meeting of council

Scheer, Trudeau, Singh haggle over potential minority government outcome

If you believe the polls, it appears the Liberals and Conservatives are neck-and-neck

Kawhi Leonard, former Toronto Raptor, welcomed back to Vancouver at pre-season game

Fans go wild at pre-season game between L.A. Clippers and Dallas Mavericks at Rogers Arena

Greens and NDP go head to head on West Coast; Scheer takes fight to Bernier

Trudeau turns focus to key ridings outside Toronto after two days in Quebec

‘The more you test, the more you find’: Beef recalls a sign of success, experts say

Despite appearances, experts say a recent rise in major recalls is not a sign of food supply problems

Scholars say religious vaccine objections can’t be traced to Biblical sources

Vaccinations are a requirement to attend class in Ontario and New Brunswick, while B.C. launched a demand this fall

ELECTION 2019: How would the major parties address Canada’s housing crisis?

Promises include speculation taxes, more affordable housing, and declaring housing a human right

PODCAST: Journalism instructor discusses how reporters have taken on climate change

Mount Royal University’s Sean Holman has been researching how journalists have covered climate change

ELECTION 2019: Have Justin Trudeau’s Liberals really cut middle-class taxes?

Conservative Andrew Scheer vows to cut bottom bracket, NDP’s Jagmeet Singh targets wealth tax

Alberta truck convoy plans counter-protest at climate rally with Greta Thunberg

United We Roll organizer says similar protest planned for Swedish teen’s event in Edmonton

Most Read