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
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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