Thursday, May 14, 2020

Norway Dumps Tar Sands. Too Damned Dirty.

Norway's sovereign wealth fund, the largest such fund in the world, has unloaded its investments in the Athabasca Tar Sands.
Prime Minister Justin Trudeau says news that one of the world's largest investment funds will exclude four Canadian oilsands producers from consideration for investing is part of a continuing shift in global attitudes for which oil companies will have to adjust. 
On Wednesday, Norges Bank Investment Management, which manages Norway's sovereign wealth fund, announced it would stop investing in Calgary-based Canadian Natural Resources Ltd., Cenovus Energy Inc., Suncor Energy Inc. and Imperial Oil Ltd. after concluding they produce unacceptable levels of greenhouse gas emissions.

"We've seen investors around the world looking at the risks associated with climate change as an integral part of investment decisions they make," Trudeau said Wednesday in Ottawa. 
"That is why it is so important for Canada to continue to move forward on fighting climate change and reduce our emissions in all sectors, and I can highlight that many companies in the energy sector have understood that the investment climate is shifting and there is a need for clear leadership and clear targets to reach on fighting climate change to draw on global capital."
This is the same guy who just restarted the over-priced, over-budget and entirely unneeded Trans Mountain pipeline expansion and who just sent bailout relief to Athabasca bitumen producers. Seems to be a bit of hypocrisy there.


Toby said...

Jason Kenney will blame Justin Trudeau.

The Disaffected Lib said...

Kenney is beginning to face reality. He would like to blame it all on Ottawa but now he needs the feds' help. Besides it's the big investors who are bailing out - giants like Black Rock, Vanguard and Schwab.