{"id":17095,"date":"2019-10-07T16:45:37","date_gmt":"2019-10-07T20:45:37","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/norways-largest-pension-fund-divesting-from-canadian-oil-sands-136723"},"modified":"2019-10-07T16:45:37","modified_gmt":"2019-10-07T20:45:37","slug":"norways-largest-pension-fund-divesting-from-canadian-oil-sands","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/10\/07\/norways-largest-pension-fund-divesting-from-canadian-oil-sands\/","title":{"rendered":"Norway\u2019s largest pension fund divesting from Canadian oil sands"},"content":{"rendered":"\n
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Staff<\/span> | October 7, 2019 <\/p>\n

Norway\u2019s largest pension fund, Kommunal Landspensjonskasse, is divesting its holdings in five oil sands companies, four of which were Canadian.<\/p>\n

KLP\u2019s stake in Canadian firms Cenovus Energy Inc., Husky Energy Inc., Imperial Oil Ltd., Suncor Energy Inc. and Russian company Tatneft PAO was a combined US$58 million, with US$33 million in equity and US$25 million in bonds.<\/p>\n

In addition to divesting from those companies, the fund said it\u2019s fully divesting from the oil sands by excluding companies that derive more than five per cent of their revenue from oil sands-based companies.<\/p>\n

Read: Considerations for institutional investors around divestment<\/a><\/strong><\/p>\n

\u201cThis full exit from oil sands is great news for KLP\u2019s customers as we continue to reduce our exposure to companies involved in an activity that is not aligned with a two-degree Celsius temperature target,\u201d said Sverre Thornes, KLP chief executive officer, in a press release. \u201cBy excluding these companies, KLP continues to align its investments so that they contribute to a movement towards a low-emissions society.\u201d<\/p>\n

The announcement follows KLP\u2019s May 2019 commitment to going coal-free. The fund sold about US$350 million in stocks and bonds in 46 coal companies, including BHP Group.<\/p>\n

\u201cBy going coal- and oil-sands free, we are sending a strong message on the urgency of shifting from fossil to renewable energy,\u201d Thornes said.<\/p>\n

In other divestment news, MP Pension, a Danish pension fund worth US$20 billion, announced in September that it planned to sell its stakes, worth a total of US$95 million, in the 10 largest oil companies globally. The fund no longer holds stakes in BP, Chevron Corp., ExxonMobil Corp., PetroChina Co. Ltd., PJSC Rosneft Oil Company, Royal Dutch Shell, Sinopec, Total S.A., Petrobras and Equinor ASA.<\/p>\n

MP Pension said the firms hadn\u2019t done enough work to meet the Paris Accord climate goals.<\/p>\n

Read: Divesting from fossil fuels doesn\u2019t mean sacrificing returns: report<\/a><\/strong><\/p>\n

Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Staff | October 7, 2019 Norway\u2019s largest pension fund, Kommunal Landspensjonskasse, is divesting its holdings in five oil sands companies, four of which were Canadian. KLP\u2019s stake in Canadian firms Cenovus Energy Inc., Husky Energy Inc., Imperial Oil...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17095"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=17095"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17095\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=17095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=17095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=17095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}