Oil deal triggers divestment alert from Nordic pension investor

The US oil company Conoco Philips risks being divested by Norway’s largest pension firm after expanding its oil sands business. Danske Bank divested the company in 2021 for the same reason.

According to environmental experts, oil sand extraction emits up to three times more CO2 than producing the same quantity of conventional crude oil. It also depletes and pollutes freshwater resources and creates toxic waste. | Photo: Todd Korol/Reuters/Ritzau Scanpix

By Greg Ritchie // BLOOMBERG

ConocoPhillips has been put on divestment watch by some of Europe’s biggest pension funds, after using proceeds from a recent debt financing to expand its business in oil sands.

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Oil deal triggers divestment alert from Nordic pension investor

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Investors demand Prime Minister to act on Equinor's insufficient climate plans

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Sign up for our newsletter

Front page now

Nicolai Tangen is a huge fan of the Women in Finance Charter but stresses that promotions must be fair

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Further reading

Swedish asset manager kicks off new fund with leading Nordic institution

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Danish FSA criticizes investment funds for inadequate evaluation between costs and returns

Nordics show clear appetite for new asset classes, BlackRock survey reveals

KLP sees rapid increase in external assets: "I don’t think we have any specific challenges right now"

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