CAPP Responds to Norges Bank Decision to Exclude Oil Sands Investments from its Portfolio

May 13, 2020 – Calgary, Alberta

Canadian oil and natural gas is sustainably developed in one of the most highly regulated jurisdictions in the world. We agree environmental progress is important, and that is precisely what industry is doing through continuous innovation and improvement in environmental performance. Canada’s oil and natural gas industry is the county’s leading investor in environmental protection and innovation. Since 2009, the oil sands industry has reduced its per barrel greenhouse gas emissions intensity by 21%; and that’s expected to drop an additional 23% by 2030.

Attempts to stifle Canadian production by restricting financing can have only one effect; countries with lower environmental standards — and in many cases lower social, human rights and governance standards — will fill the void. We should be supplying Canadian energy to the world. In the 2019 Global Energy Pulse, Ipsos found respondents from 31 countries chose Canada as their number one oil and natural gas exporter among the world’s top 11 energy-exporting nations. We would encourage groups who are redefining their investment portfolios to consider that an investment in Canadian energy is a sustainable choice.

-Tim McMillan – President and CEO, CAPP