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CNQ - Canadian Natural Resources News Story

C$24.37 0.7  3.1%

Last Trade - 04/08/20

Sector
Energy
Size
Large Cap
Market Cap £16.55bn
Enterprise Value £29.85bn
Revenue £12.72bn
Position in Universe 26th / 2677

UPDATE 1-Canada's oil producers need climate targets to draw investment, Trudeau says

Wed 13th May, 2020 5:33pm
(Adds details on Norwegian fund, Mitsubishi)
    May 13 (Reuters) - Canada's oil producers need to set clear
targets to fight climate change to continue to attract global
capital, Canadian Prime Minister Justin Trudeau said on
Wednesday, as the country's carbon-intensive oil sands industry
faces heightened environmental scrutiny from investors. 
    The comments come as Japan's biggest bank by assets said it
would restrict transactions involving oil sands, while Norway's
$1 trillion wealth fund blacklisted four of the industry's
biggest companies.
   "We've seen investors around the world looking at the risks
associated with climate change as an integral part of investment
decisions they make," Trudeau told reporters, adding that many
companies in the energy sector understood the investment climate
is shifting. 
    "There is a need for clear leadership and clear targets to
reach on fighting climate change to draw on global capital."
    Norway's wealth fund said it would exclude Canadian Natural
Resources  CNQ.TO , Cenovus Energy  CVE.TO , Suncor Energy
 SU.TO  and Imperial Oil  IMO.TO  for producing excessive
greenhouse gas emissions, the first time it has used that reason
to blacklist firms.  urn:newsml:reuters.com:*:nL4N2CV14K
    The companies were excluded for "acts or omissions that on
an aggregate company level lead to unacceptable greenhouse gas
emissions", it said.
    Japan's Mitsubishi UFJ Financial Group  8306.T  said on
Wednesday it has put oil sands extraction and drilling for crude
oil and gas in the Arctic on its "restricted transaction" list.
 urn:newsml:reuters.com:*:nL4N2CV2IE

 (Reporting by Jeff Lewis
Editing by Chizu Nomiyama and Chris Reese)
 ((Jeff.Lewis@thomsonreuters.com;))
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