In late September, Norway’s Statoil ASA decided to shelve a multibillion-dollar oil sands project in northern Alberta for three years. The company’s decision came after intensive engagement with social investment firm Boston Common Asset Management (BCAM), one of the UUA’s managers. BCAM invested some of our portfolio in Statoil, and used that position to press the company to reevaluate its investments in oil sands projects.
This is an example of the power of shareholder advocacy to make a meaningful difference on climate change. Oil sands extraction is one of the most carbon-intensive types of fossil fuel development, and oil companies that shift their production away from such activities significantly lessen their harmful climate impact.
For more on the story, see this article from The Globe and Mail.