Kommunal Landspensjonskasse or KLP says it sold US$58 million worth of stocks and bonds as it reduced its tolerance threshold for companies with interests in the oilsands from 30 per cent to five per cent, matching its limit for coal investments.
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. "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.
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.
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.
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 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!
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.
They'll keep drilling in the Barents Sea though...
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!
Good, let’s get some Canadian pension money in there. It’s our oil sands we should be benefiting not Norway
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.
😮
That’s probably fake news.
Well that sucks
PROPOGANDA!
Who cares about their joke investment.
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