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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Historic Oliver Museum renovated to better serve community

The 96-year-old building previously faced challenges with heating, cooling and wood degradation

City of Penticton developing plan to improve access to child care

Parents, guardians, care providers asked to provide input

Former Summerlander receives Emmy nomination for makeup work

Lucky Bromhead recognized for her work with Canadian sitcom Schitt’s Creek

Mural adds artistic flair to downtown Keremeos

A new, privately commissioned mural has received praise from residents

Morning Start: High heels were first designed for men

Your morning start for Monday, Aug. 10, 2020

B.C. records 30-50 new COVID-19 cases a day over weekend, no new deaths

Many of those testing positive were identified by contact tracing for being linked to other confirmed infections

Five B.C. First Nations call out Canada for ‘discriminatory’ food fish practices

West Coast nations say government ignoring court-won right to chinook and coho

No new COVID-19 cases in Kelowna over the weekend

Kelowna has nine of the Interior Health region’s 13 active cases

Rent-relief program becomes new front in fight between Liberals, opposition

Opposition trying to draw parallels between decision to have Canada Mortgage and Housing Corp. run program and the WE controversy

West Kelowna woman upset with RCMP response to street brawl

A physical altercation between a group of teens and a group of adults erupted on a West Kelowna street Sunday evening

Kelowna real estate agent fined $6,500 for ‘misleading’ website

The website listed several services its owner was not licensed to provide

Ottawa sets minimum unemployment rate at 13.1% for EI calculation

Statistics Canada says the unemployment rate was 10.9 per cent in July

$45K in donations received after couple’s sudden death in Tulameen

Sarah MacDermid, 31, and Casey Bussiere, 37, died August long weekend

Most Read