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

Polls now open in Canada’s 2019 federal election

Which party will be chosen to form the next government?

County Council approves per capita increase for Parkland Regional Library System

The Parkland Regional Library System has a nearly 50 libraries under its jurisdiction

Sylvan Lake shoreline flags wrongfully replaced by well-meaning citizen

Al Cameron of VVOC says a loose thread is not enough to replace the Canadian flags on lakeshore

Male pedestrian dead after collision with train in Blackfalds

Man from Red Deer pronounced dead at the scene

Stettler Gymnastics Club to host a Halloween Family Dance Oct. 25th

Things get underway at 6:30 p.m. at the gymnastics studio (5402 - 51 St.)

Crude-by-rail shipments fell to 310,000 bpd in August, energy regulator says

This, despite Imperial Oil CEO threatening to throttle back the company’s rail movements

Climate activist Greta Thunberg’s mural defaced in Edmonton

The eyes on the portrait were blacked out

Greta Thunberg meets with First Nations chief in Fort McMurray

Thunberg has turned her protest against climate change into a global movement

More beef products recalled due to possible E. coli contamination

The food safety watchdog has been investigating possible E. coli 0157:H7

Pot legalization has gone ‘well’, but ‘yellow flags’ on vaping: task force chair

Canada legalized cannabis for non-medical use on Oct. 17, 2018,

ELECTION 2019: Federal leaders hit final 24 hours of campaign

Many leaders remain in B.C. for the final hours of the campaign

Most Read