Oilsands Lose Norwegian Support
CBJ — The largest pension fund in Norway has removed four Canadian energy names from its investment portfolio and says it will no longer put money in companies that derive more than 5% of their revenue from the oilsands.
KLP says it sold $58 million worth of stocks and bonds as it reduced its tolerance threshold for companies with interests in the oilsands from 30% to 5% matching its limit for coal investments.
The Norwegian fund which administers more than $81 billion in assets said a full exit from the oilsands is “great news” for customers because that activity is not aligned with the 2C global warming target under the Paris climate agreement.
Calgary-based Cenovus Energy, Suncor Energy, Imperial Oil and Husky Energy are among those entities now to be excluded from investment consideration.