Quebec’s Caisse to Exit Oil Producers by 2022 in Climate Plan
- Existing pipeline investments to remain in portfolio
- Will add green assets, polluters with clear transition plans
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Caisse de Depot et Placement du Quebec will sell billions of dollars worth of oil assets, including large equity stakes in Canada’s top crude producers, as part of a new strategy that aims to dramatically cut the emissions from its investments.
Canada’s second-largest pension manager will divest its remaining oil-production assets, which make up about 1% of its C$390 billion ($308 billion) portfolio, by the end of next year to avoid contributing to the growth of the world’s oil supply, the fund said Tuesday.