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

Women in Business: Artist Sierra Lundy answers your questions

Black Press Media celebrates women who are making a difference

Oak Bay to complete LED switchover of 1,506 street lamps

Electricians to install final 356 steet lamps

Guilty verdict for man accused of setting fire to his Esquimalt rental property

Wei Li was arrested at airport with burns to face and hands

North Saanich resident fears for pedestrians near neighbourhood roundabout

Gerald Donaldson also frustrated with driving behaviour in McTavish roundabout

VIDEO: Greater Victoria, here’s the news you missed this weekend

Camera licker, wind gusts and rare bird make headlines this weekend

B.C. woman must pay $1,000 after her unleashed dog bites Muffin

Owner should never have left Bibi unattended, tribunal member wrote

Climate activist Greta Thunberg’s mural defaced in Edmonton

The eyes on the portrait were blacked out

LETTER: Middle class better off with Trudeau’s child benefit boost

It’s a transfer, not a tax cut, but it helps families get ahead

App designed to help cut waste and grocery bills

Food security advocates say addressing poverty is ultimate key

Report suggests new BC Ferries terminal near YVR

Metro Vancouver currently has two ferry terminals at northern and southern reaches

B.C. scouting group’s tent destroyed by black bear on Thanksgiving

The Richmond-based Sea Dragon Sea Scouts were camping at Mount Seymour Provincial Park

BC Ferries crew member taken to hospital after getting struck by bow doors

Two sailings between Horseshoe Bay and Departure Bay were cancelled

Most Read