OSLO, May 13 ― Norway's US$1 trillion (RM4.33 trillion) sovereign fund said today it had excluded four Canadian oil and gas companies from its portfolio for producing excessive greenhouse gas emissions, its first use of that reason to blacklist firms. Canadian Natural Resources Ltd, Cenovus...
Wednesday, 13 May 2020 03:34 PM MYT
Canadian Natural Resources Ltd, Cenovus Energy Inc, Suncor Energy Inc, and Imperial Oil Ltd were excluded due to “unacceptable greenhouse gas emissions”, Norges Bank Investment Management said.“The Council on Ethics recommended to exclude the companies because of carbon emissions from production of oil to oil sands,” NBIM said, referring to its ethics watchdog.
NBIM said it had also excluded three other companies ― Egypt's ElSewedy Electric Co, Brazilian iron ore miner Vale SA and Brazilian power holding Eletrobras - for causing environmental damage.NBIM, which is a unit of the central bank, said it had taken a long time to sell shares of several of the blacklisted companies in a reasonable manner due to the “market situation, including liquidity in individual shares”.
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