World’s biggest wealth fund blacklists four Canadian firms for greenhouse emissions

(Reuters) – The Norwegian central bank on Wednesday excluded four Canadian oil and gas companies from its $1-trillion wealth fund, the world’s largest, for producing too much greenhouse gas emissions, its first use of carbon emissions as a criterion to blacklist firms.

Canadian Natural Resources Ltd , Cenovus Energy Inc , Suncor Energy Inc , and Imperial Oil Ltd were excluded from the fund due to “unacceptable greenhouse gas emissions”, Norges Bank said in a statement.

The decision was based on recommendations from the Council on Ethics, the fund’s ethics watchdog, because of the companies’ carbon emissions from production of oil to oil sands, the central bank said.

Carbon emissions became a criterion for exclusion from the fund four years ago, and in 2017 the Council on Ethics recommended “a small handful” of firms be blacklisted for producing too much greenhouse gas emissions in either the oil, cement and steel sectors.

Norges Bank also excluded three other companies – Egypt’s ElSewedy Electric Co, Brazilian iron ore miner Vale SA , and Brazilian power holding Eletrobras – for causing severe environmental damage.

Vale declined to comment, while the four Canadian firms did not respond to requests for a comment after market hours. Eletrobras and ElSewedy could not immediately be reached.

The central bank said it took 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.”

The fund, formally called the Government Pension Fund Global and set up in 1996 to save petroleum revenues for future generations, has grown to almost three times Norway’s annual gross domestic product, far exceeding original projections.

(Reporting by Ismail Shakil in Bengaluru; editing by Uttaresh.V)

This content is also available in: Tiếng Việt

#seesomething, saysomething

Culture Magazin magazine always wants to listen and receive contributions from readers.
In case you submit articles about your ideas, interesting social events or hot news that you would like to share with us, email us at info@culturerus.com or inbox us at the FB page – https://www.facebook.com/culturemagazin.
Try our test reporter once. Quality articles will be selected and posted on Culturemagazin’s website and official social networking sites!
#seesomething, saysomething

Discover

Bài Liên Quan

U.S. commission says Taiwan’s WHO exclusion caused lives to be lost

Reporting by: Reuters TAIPEI (Reuters) - Lives have been lost in the coronavirus pandemic because of the World Health...

Feds pledge COVID-19 financing help for the country’s biggest companies

Reported by: The Canadian Press OTTAWA — The country’s largest employers will soon be able to land federal financing to...

A look at how provinces plan to emerge from COVID-19 shutdown

Reported by: The Canadian Press Provinces have been releasing plans for easing restrictions that were put in place to...

Canadians Could Go to the Polls Over A Weekend If Federal Elections Are Held During Pandemic

As our neighbours south of the border begins their federal election process, Canadians may be wondering if Canada would be able to...

Trudeau, Putin, Xi Among Leaders Invited to Biden Administration’s First Global Talks on Climate

Prime Minister Justin Trudeau is among several world leaders invited to the first big climate talks of U.S. President Joe Biden‘s administration.

Contact tracing, temperature checks and masks: airline industry outlines new norms

Reported By: Allison Lampert and Jamie Freed MONTREAL/SYDNEY (Reuters) - Airlines and airports are recommending a layered approach to...

New Research Shows that Immunity to Coronavirus can Last for More than 6 Months

An initial study suggests that immunity to COVID-19 can last for at least 6 months - and possibly longer, potentially even a...

This content is also available in: Tiếng Việt