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Caisse’s Emond Has No Regrets About Exiting Oil Stocks Early

  • Montreal-based fund plans to divest all oil shares this year
  • S&P index that tracks E&P firms has risen 37% in 2022
Charles Emond, president and chief executive officer of Caisse de Depot et Placement du Quebec.

Charles Emond, president and chief executive officer of Caisse de Depot et Placement du Quebec.

Photographer: Christinne Muschi/Bloomberg

The head of Caisse de Depot et Placement du Quebec says he has had no second thoughts about its decision to divest from oil producers, arguing the fund is already profiting from a long-term shift toward renewable energy and cleaner fuels.  

The C$392 billion ($304 billion) pension manager decided to sell its remaining shares in oil producers and increase investments in renewable power and technologies that help industrial polluters reduce their carbon footprint. Chief Executive Officer Charles Emond announced the move last September.