Norway’s wealth fund excludes oilsands investments over greenhouse gas emissions

Norway’s wealth fund excludes oilsands investments over greenhouse gas emissions
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OSLO, Germany — One of the world’s largest investment funds says it will exclude four Canadian oilsands producers after concluding they produce unacceptable levels of greenhouse gas emissions.

The decision was announced by Norges Bank Investment Management, which manages Norway’s sovereign wealth fund.

Canadian Natural Resources Ltd., Cenovus Energy Inc, Suncor Energy Inc, and Imperial Oil Ltd. were among companies from around the world listed as excluded for various reasons.

Norges Bank says it’s the first time that greenhouse gas emissions have been used as the reason for excluding companies on ethical grounds.

However, it has warned since 2017 that the Canadian oilsands producers could be excluded because their emission are higher than the global average.

It’s the latest blow for Canada’s oilsands producers, which have also been hit by a dramatic decline in prices for their products as well as limited pipeline capacity to transport it.

This report by The Canadian Press was first published May 13, 2020.

Companies in this story: (TSX:CNRL, TSX:CVE, TSX:SU, TSX:IMO)

The Canadian Press

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