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

Bright red salmon appear at Saanich’s Colquitz River fish fence

Local preschool group looks on in delight while volunteers work

Parents plan second rally as CUPE 441 strike in SD63 stretches into third week

Parents have written to the provincial government asking them to step in

Monster Truck Chaos comes to Victoria, tickets on sale Friday

Monster Truck Chaos rumbles into Save-On-Foods Memorial Centre Jan. 25 and 26

West Shore RCMP arrest man accused in Port Renfrew theft, Duncan fraud

Man charged after $300 in fraudulent charges, two phones and wallet stolen

Saanich to hold open house for proposed upgrades to West Saanich/Prospect Lake roads intersection

Staff will be attending to hear feedback from locals and answer questions

‘We love you, Alex!’: Trebek gets choked up by ‘Jeopardy!’ contestant’s answer

The emotional moment came in Monday’s episode when Trebek read Dhruv Gaur’s final answer

POLL: Do you support CUPE workers in their dispute with School District 63?

SD63 schools to remain closed as strike continues Tuesday

Petition for free hospital parking presented to MP Jody Wilson-Raybould

What started as a B.C. campaign became a national issue, organizer said

Petition to ‘bring back Don Cherry’ goes viral after immigrant poppy rant

Cherry was fired from his co-hosting role for the Coach’s Corner segment on Nov. 11.

Woman airlifted with serious injuries after being struck by car in Nanaimo

Woman, hit in crosswalk, suffers life-threatening injuries; driver co-operating with police

Greater Victoria 2019 holiday craft fair roundup

Get a jump on your holiday shopping

B.C.’s high gasoline prices still a mystery, Premier John Horgan says

NDP plans legislation this month, seeks action from Justin Trudeau

Group walking on thin ice at B.C. lake sparks warning from RCMP

At least seven people were spotted on Joffre Lakes, although the ice is not thick enough to be walked on

One dead after fiery crash in Duncan

A man has died after a fiery motor vehicle collision Monday night,… Continue reading

Most Read