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

Cariboo Ski-Touring Club to host international film festival showcase

Vancouver International Mountain Film Festival films to be shown at Hallis Lake Lodge on Jan. 24

$10,000 for Gold Rush Trails marketing video and Billie Bouchie Day celebrations

‘We were very impressed by the calibre of both projects’

VIDEO: Special screening of Shadow Trap will wrap up Sled Dog Mail Run Jan. 26 in Wells

Shadow Trap was filmed in Barkerville and features local actors, production members and dogs

Buses running today but still a risk of frostbite

The wind chill for Friday morning in Quesnel is expected to be -33 C

RCMP to hold career presentation in Quesnel

Those interested in applying need to pre-register for the Jan. 22 presentation

Kids across Canada more at risk of hospitalization from flu this season: doctor

Dr. Theresa Tam said influenza B does not usually peak until February or later

Closed mills, housing surge support a positive forecast for lumber industries

B.C. lumber producers have closed mills accounting for 18% of province’s capacity, RBC report says

Good Samaritan pays part of rent for B.C. woman facing eviction in can-collecting dispute

Zora Hlevnjak, 76, supplements her pension by collecting cans and receiving public donations

Kelowna’s ‘Baby Mary’ finds biological parents after more than 30 years

Geneologist and DNA test helped her connect with her biological parents

Kelowna hotel to award couples for baby-making with Nooner deal

The deal includes a free stay every Valentine’s Day for the next 18 years

‘Scariest boat ride of my life’: Passengers trapped by ice on rocky B.C. ferry sailing

The Nimpkish docked in Bella Coola on Jan.12 coated in a thick layer of ice

B.C. pair ordered to pay $55,000 for oil tank discovered four years after selling home

Judge says defendants breached contract, despite being unaware of tank until basement flooded

Canada to give $25,000 to families of each Canadian who died in Iran plane crash

Prime Minister Justin Trudeau also made it clear that Canada still expects Iran to compensate victims

Oil and gas industry applauds top court’s dismissal of B.C.’s Trans Mountain case

The high court’s ruling Thursday removes one of the remaining obstacles for the project

Most Read