Oilsands, Alberta Oil, Canada Oil, Alberta Oilsands, Alberta Energy, Climate Change, Global Warming, Canada Oilsands, Klp, Klp Norway

Oilsands, Alberta Oil

Norway's largest pension fund is pulling out of the Alberta oilsands

The largest pension fund in Norway is pulling its investments out of the Alberta oilsands, saying it's time to shift to renewable energy

2019-10-08 8:33:00 PM

The largest pension fund in Norway is pulling its investments out of the Alberta oilsands, saying it's time to shift to renewable energy

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.

The Norwegian fund which administers more than US$81 billion in assets said a full exit from the oilsands is "great news" for customers because that activity is not aligned with the two-degree Celsius global warming target under the Paris climate agreement.

Virus testing, contact tracing essential for schools to safely reopen, studies find NHL says zero positive COVID-19 results so far in Edmonton, Toronto Just because you're allowed to dine out during a pandemic, should you?

"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.Calgary-based Cenovus Energy Inc., Suncor Energy Inc., Imperial Oil Ltd. and Husky Energy Inc., along with Russia-based Tatneft PAO, are now to be excluded from investment consideration, the fund said.

Shares in all four companies have fallen since a year ago as growth in oilsands output outstripped pipeline capacity, leading to steep price discounts in Canada and legislated production curtailments in Alberta.Shares in Cenovus have fallen by nearly 10 per cent since last October, Suncor and Imperial are both down more than 20 per cent and Husky has dropped by more than 55 per cent.

"Institutional investors are abandoning high-carbon investments because they can see where the puck is heading," said Keith Stewart, senior energy strategist with Greenpeace Canada, in an email.But Tim McMillan, president and CEO Canadian Association of Petroleum Producers, said attempts to stifle Canadian production by restricting financing will mean countries with lower environmental standards will fill the void.

McMillan said Canadian oil and natural gas producers "operate under one of the most stringent regulatory systems in the world," adding that the International Energy Agency forecasts that natural gas and oil will remain the major sources of global energy in 2040.

"Canada can make the world a better place by providing reliable, affordable and responsibly produced energy that will help raise standards of living around the world," McMillan wrote in an email."We can do this while reducing net global greenhouse gas emissions, and developing world-leading environmental technology and expertise."

In March, Norway's US$1-trillion wealth fund said it will sell shares in oil and gas companies including some Canadian names in order to diversify its investments as a hedge against the possibility of a downturn in the energy industry.This report by The Canadian Press was first published Oct. 7, 2019.

Golden Knights and Stars players kneel for U.S. and Canadian anthems Canadian privacy watchdogs support COVID-19 exposure app Coronavirus Update: There may never be a ‘silver bullet’ to COVID-19, warns WHO Read more: CTV News »

CTVAtlantic So sorry to hear this as Norway fund is very large! The majority came from insisting they get more from oil companies and would not let oil companies drill till got the amount wanted! Now they have the money turned against oil again! Very interesting development sorry for Alberta BillTufts WBrettWilson Would you invest in anything in another country where their government is trying to kill off that industry? “Shift to renewable energy” my eye. Norway will keep drilling for oil as “the petroleum industry is Norway's largest industry.”

BillTufts Norway makes billions from offshore oil rigs. They make millions from their cruise lines. Norway is one of the wealthiest Nations in the World because of oil. Now they want to shut down Canada, Alberta's oil industry. Hypocrites ! BillTufts They have been working on that for 10 years I will be getting my cod fish from somewhere else 😂 Would be interesting to see what these hypocrites do invest in

More foreign investment being chased out by the liberal_party TrudeauMustGo Who knew they were invested in our oil sands? And? Jeeus. What is wrong with you people. JT or AS it dont matter. O&G is on way out cuz it looks bad. Fight it and get left behind. Cost of gas is only going up and the pigs are fighting over last bit of slop!!

KLP owns app .5%, 17.6 million shares of Equinor, worth about $US319M. Alberta is decimated people are all leaving Hmm. Want are those renewable energies made from? According to Annie Bersagel, head of responsible investments, “these are liquid securities, and there are always other investors all too willing to buy them, so we are under no illusion that divestment has any real financial impact on the company”.

It ain’t only oil Also sold $320M in alcohol and gambling stocks. Won’t invest in weapons makers, some mining cos, and excluded 46 companies involved in coal-based activities, valued at $3.2B. Their stake in the oil sands was .0082% of their portfolio. Go woke go broke Can you say 'hypocritical' from one of the world's most prolific oil extraction nations (Norway)

Turncoats In reality, they pulled out because there is no future for oil and gas in Canada under the current government. They are not getting out of oil and gas investments, just in Canada. Time to shift to windmills that kill millions of birds every year. Especially as Trudeau is an energy sector denier.

As long as they put their money in businesses that are commercializing hydrogen (generation using green technologies e.g. solar, hydrogen transportation and storage, fuel cell technology, etc.) then that may work. If they just put it in something else, it won't. Lies. The real reason is Norway just discovered a giant new oil field with Up to 700 million boe are in place overall called Liataarnet.

Lies. The real reaso is Norway just discovered a giant new oil field with Up to 700 million boe are in place overall called Liataarnet. Jumping for the Paris accord! Let them go Or maybe it’s 4 out of the 6 government party’s is saying that that want to kill the oil industry in Canada! People, make sure you understand the context. Equinor just started up their new Johan Sverdrup field in the North Sea. 2.7 billion of recoverable reserves with a capacity of 660,000bbls/day. They are, to the benefit of Norway, just producing more from their own backyard.

That's not good And those with a financial acumen will take advantage of a potential buy low. Money has no conscience Lol good luck to them then! They'll keep drilling in the Barents Sea though... This pension fund is managing the money by emotion rather than by fact or reason. To all invested in this pension fund, pull out now.

Another investor gone. That’s because so much money is being dumped into renewables, that they want to cashing in on the pie Yes hemp can do it all !! Funny that is! Very rich! A country that continues to rely on O&G for its wealth and technical expertise ...lol Norway's wealth is all derived from oil (just like the Trudeaus).

Just the beginning! Good on norway its time someone is taking action and moving forward with better ideas The largest pension fund in Norway made its money from off-shore oil. Now the 'virgins' are 'angels' according to CTV. Only if idiot Trudeau is still in October 22nd they will for sure. Too bad the tool is gonna get kicked to the curb on election night. What a waste case. Scheer 2019!

😮 Norway happens to be a competing nation for oil exports, so tell me there's not a little bit of self interest in this virtue signalling move. Good, let’s get some Canadian pension money in there. It’s our oil sands we should be benefiting not Norway Well that sucks That’s probably fake news. Who cares about their joke investment.


GE freezes pensions for 20K, trimming up to $6B in debtGeneral Electric is freezing the pension plans for about 20,000 workers and offering pension buyouts to 100,000 former employees as it attempts to slash debt. Highway robbery. Nice

GE to freeze pension plans for about 20,000 U.S. employees in bid to cut debtGE to freeze pension plans for about 20,000 U.S. employees in bid to cut debt GlobeBusiness

Groom charged with sexually assaulting bridesmaid just before weddingThe bride allegedly witnessed the incident. The wedding still happened a few days later. They probably registered for some pretty awesome stuff... Isnt she Stupid Annnnnd then she married him. Ok

BlackRock bets on the circular economy with new fundWorld’s largest asset manager is under fire for fossil fuel exposure

Malaysia fines 80 people, groups for alleged 1MDB paymentsMalaysia's anti-graft agency on Monday ordered 80 people and groups to pay fines totalling about $100 million for allegedly receiving funds from the 1MDB state investment fund.

New IMF chief warns trade conflicts fuel synchronized global slowdown‘Everyone loses in a trade war,’ Georgieva says in remarks urging all nations to pull back from the escalating trade wars globebusiness Combine this with WTO situation thanks to Trump. US refuses to agree on appointments of new judges. Result is too few so no quorum thus no disputes can b resolved. Global trade system could b heading towards collapse favouring big nations OceanNikki globebusiness Anti-globalism is already here and just getting started. There will be no more negotiations but just the bigger economy wins and the smaller ones mean nothing and life becomes increasingly difficult. Those who think globalism was bad will see what the new world order brings. ..