Norwegian fund excludes four Canadian firms as it backs away from oil sands [Business News Network (BNN) Energy & Resources (Canada)]
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Source: Business News Network
Norwegian fund excludes four Canadian firms as it backs away from oil sands CALGARY -- 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 oil sands. 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. The Norwegian fund which administers more than US$81 billion in assets said a full exit from the oil sands is "great news" for customers because that activity is not aligned with the two-degree Celsius global warming target under the Paris climate agreement. "By going coal and oil sands 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-base
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