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

RCMP: Appledale homicide investigation still active

A 59-year-old man was found dead on May 20

Brrrrring in the New Year with the Polar Bear Swim

Kootenay Co-op Radio teams up with local stewardship groups for annual dip

Nelson Community Food Centre celebrates with Festive Food Days

The idea is to share healthful, festive food over the holidays with people not able to afford it.

Kootenay-Columbia MP reacts to leader’s surprise resignation

The resignation of Conservative Party leader Andrew Scheer caught members of his caucus by surprise

Kootenay-Columbia MP talks throne speech, USMCA trade deal

Rob Morrison to open constituency office in Cranbrook at 800C Baker St. on Dec. 19

VIDEO: Success of wildlife corridors in Banff National Park has advocates wanting more

Demand for more highway protection escalated after seven elk were killed by a semi-trailer near Canmore

B.C. VIEWS: Hunger does not end with the season

Despite innovations in food distribution, the need is still there in B.C. communities

Sharks beat Canucks 4-2 to snap 6-game skid

Vancouver visits Vegas on Sunday

Fans sing Canadian anthem after sound system breaks at BMW IBSF World Cup

The Canadians in attendance made sure their team and flag were honoured on the podium

VIDEO: Fire destroys Big White Ski Resort chalet

Social media eulogies peg the property, nicknamed “The Pharamacy,” as both loved and hated

Prince George RCMP use bait packages to catch porch pirates over the holidays

First-in-Canada program with Amazon looks to combat parcel theft

Nanaimo mechanical engineer creates thief tracking program

Nanaimo Thief Tracking lets users plot and share information about thefts online

Mayor wants B.C. to institutionalize severely mental ill people who are homeless

Those suffering from mental health conditions, such as schizophrenia, need specialized care, mayor says

Most Read