Divestment Timeline

Browse below to see details on divestment milestones.

FMO (Netherlands Development Finance Company)

On June 1, 2021, FMO published their Position Statement on Phasing Out Fossil Fuels in Direct Investments report in which they reference their pledge of support to the Paris Agreement "and committed to a portfolio which is aligned with the 1.5 degrees Cleuis pathway -FMO". In order to achieve this goal FMO has outlined the following restrictions in regards to fossil fuel productions:

  • No direct investment into exploration and extraction of fossil fuels (upstream).
  • No direct investment into the production, storage and transportation of oil (mid/downstream).
  • No direct investment into the production, storage and transportation of oil specifically for power generation (mid/downstream).
  • No direct investment into power generation from oil (mid/downstream).
  • No direct investment into transmission infrastructure related to oil power generation (mid/downstream).


Further information
 FMO Website

Nedbank (Bank / Assist Management)

Nedbank’s 2021 Energy Policy recognizes the need for decarbonization and an end to financing the fossil fuel industry before 2050 in order to meet the Paris Agreement objectives. Alternatively, they created their policy to foster a just transition, in a way that supports clean energy, socio-economic development, and resilience to climate change. In their policy, they cite oil operations as “focusing on upstream activities (exploration and production of natural gas). -Nedbank " Ultimately, among other things, they have committed to:

  • Not financing new oil exploration projects, regardless of jurisdiction. 
  • By January 1, 2035, not providing any financial support for oil production,  regardless of jurisdiction.


Further information

2021 Energy Policy

2020 Society Report

Nedbank Website

Standard Chartered (Financial Services Company)

In their most updated version of their, Extractive Industries Position Statement Standard Charted committed to not providing financial services to new projects or developments that “involve the exploration or production of oil from tar sands, including the construction of associated export facilities -Standard Chartered.”


Further information

Standard Chartered Website


MAPFRE (Insurer / Reinsurer)

MAPFRE committed to carbon-neutrality by 2030 and as a step towards achieving this goal they “stopped underwriting new risks related to tar (or oil) sands and offshore/onshore projects related to oil or gas in the Arctic. - MAPFRE


Further information

Sustainability Strategy

MAPFRE Website

New York State Common Retirement Fund has committed to achieving net-zero emissions by 2040. The fund has set minimum standards for companies based on their preparedness for transition to a low-carbon future economy. Companies falling below these standards are considered too risky and to be excluded from the portfolio. The assessment process based on these standards is to be completed by 2025. However, the assessment of oil sands companies has already begun and the evaluation is expected to be released in early 2021.


About the fund

The fund is the public pension plan for state employees. It has assets of around $226 billion USD.



“New York State’s pension fund is at the leading edge of investors addressing climate risk, because investing for the low-carbon future is essential to protect the fund’s long-term value,” - Thomas DiNapoli, New York State Comptroller


Further information

New York State Pension Fund sets 2040 net zero carbon emissions target

Tar Sands/Oil Sands, Fracking First to Go as NY Pension Fund Pledges Fossil Divestment by 2040

KBC (Insurance Company)

KBC’s 2020 Sustainability Report highlighted their preexisting commitment of zero financings of “oil-based electricity generation, exploration and development of unconventional oil and gas (including tar sands, shale oil and gas and deep-water drilling) and specialized companies that are only active in the extraction and development of oil and gas fields -KBC". On top of this, the mention an on-going investigation of “the adoption of a more cautious stance towards financing activities in the oil and gas industry” to be defined in 2021. -KBC


Further information

KBC Website

Rabobank Group (Financial Service Company)

In September of 2020, Rabobank announced they would no longer “finance the exploration, extraction, production or reffing of cal used for power generation and of share gas and other non-conventional fossil fuels -Rabobank”. Among other things, oil sands are considered non-conventional fossil fuels. 


Further information

Rabobank 2020 Climate Report

Rabobank Website

NAB (Financial Service Company)

Effective on September 30, 2020, NAB committed to not finding any new oil sands extraction projects. However, with the claim to “facilitate an orderly transition to a low-carbon economy” NAB will continue to support existing customers within the oil sands industry -NAB.


Further information

2020 Sustainability Report 

NAB Website

Dutch asset manager Robeco has taken the step of excluding oil sands investments from all its mutual funds. The company uses a company exclusion threshold of 25% revenue from oil sands. The company will apply a stricter exclusion threshold of 10% to its sustainability focussed funds. The company will complete the divestment by the end of 2020. Robeco has approximately €155 billion of assets under management (as of June 2020).


About Robeco

Robeco is dutch asset management firm founded in 1929. Since 2013 it has been owned by Orix, a Japanese conglomerate. Robeco is headquartered in Rotterdam, the Netherlands.



"Although the preferred approach is to engage with companies, we believe it is very difficult to drive significant change at companies whose portfolios are skewed to coal or oil sands. Therefore, we prefer to put our efforts into sectors and companies, where we have more confidence that our engagements will be effective.” - Carola van Lamoen, Head of Robeco’s SI Center of Expertise


Further information

Dutch asset manager Robeco cuts fossil fuels from all its funds

Robeco press release

Suncorp (Insurance Company)

In August of 2020, Suncorp published their Responsible Business Report in which they commit to “cease underwriting, financing or directly investing in new oil and gas projects, phase out underwriting and financing oil and gas by 2025, and directly investing by 2040 -Suncorp”. Additionally, they highlight the goal to transition to a net-zero emissions economy and cite their commitment to investments in low-carbon solutions and renewable energy, as well as participating in a global working group with the aim to “develop standards for the measurement of Scope 3 carbon emissions in the financial sector -Suncorp."

Further information

Suncorp Website

CDC Group (Development Finance Institution)

In line with the Paris Agreement, the CDC Group set the goal of all their investments and activities being net-zero by 2050. Amongst other steps, in their 2020 Climate Change Strategy report the CDC Group committed to no future direct or indirect funds being allocated to the following categories:

  • “Processing and trading, upstream oil exploration and production, midstream oil (including refineries) - CDC Group.”
  • “Heavy Fuel Oil (HFO)- only-fired power plants and mini-grid - CDC Group.”
  • “Standalone upstream gas exploration and production as well as transport infrastructure for exclusive crude oil or coal transportation for power generation - CDC Group.”


Further information

CDC Group Website

Deutsche Bank (Investment Banking Company)

The Deutsche Bank Climate Statment published in August of 2020 identifies five major climate goals, one of which is to stop “...financing new oil and gas projects in the Arctic region or new oil sands projects - effective immediately -Deutsche Bank".


Further information

Deutsche Bank Website

MetLife, one of the largest global insurers, has adopted a policy to exclude oil companies holding more than 20% oil sands in their reserves. The policy, which appears on their website’s sustainability FAQ page, was not announced by press release or in their 2019 sustainability report so it is unclear exactly when it was adopted. However, they aim to complete divestment by the end of 2020.


About MetLife

Founded in 1868 in New York, MetLife is now one of the largest global insurers. It currently sits 48th in the Fortune 500 list of largest US companies.


Further information

MetLife becomes the first major U.S. life insurer to adopt a policy on coal and oil sands

In June 2019 Zurich insurance group announced that it will no longer invest in or underwrite companies that derive more than 30% of their income from oil sands. This also includes companies operating infrastructure for the purpose of oil sands transport. The company set a 2-year deadline to achieve this, within which it would engage in dialogue with existing client and investee companies. Zurich had been the primary excess liability insurer for the Trans Mountain pipeline, meaning they were liable for the first $8 million in pay-outs. In July 2020 Zurich confirmed it would not renew cover for the pipeline and the existing coverage expired at the end of August.

About Zurich

Zurich is one of the world’s larger insurance companies. It operates in more than 215 countries and territories and provides coverage to both individuals and multi-national corporations. It is headquartered in Zurich, Switzerland.

Further information

Zurich June 2019 press release

Zurich Insurance Decides Not to Renew Cover for Canada’s Trans Mountain Oil Pipeline

Talanx group is a German insurance, reinsurance and asset management company. In its 2019 Sustainability Report, Talanx announced it will no longer invest in companies deriving more than 25% of their income from oil sands. The report does not explicitly state any position on the underwriting of oil sands companies, however, in subsequent communication with environmental organisation Stand.earth the company stated “oil sands have been added to the list of exclusion criteria for both investments and underwriting.” As such, Talanx will cease to insure the Trans Mountain oil pipeline through its subsidiary HDI Global SE.


About Talanx

Talanx is one Germany’s largest insurance groups, operating worldwide with subsidiaries including Hannover Re and HDI Global Se. The company is headquartered in Hanover, Germany.


Further information

Talanx drops support for Trans Mountain pipeline, paving the way for other insurers to follow

Talanx Sustainability Report 2019

In its 2020 sustainability report released in June, Coutts bank announced it will divest from companies that derive more than 5% of their income from oil sands. This is one of the stricter exclusion thresholds adopted by investment groups.


About Coutts

Coutts is a British private bank catering to wealthy individuals. It is a subsidiary of NatWest Group that also includes NatWest, RBS and Ulster Bank. Coutts was founded in 1692 making it the eighth oldest bank in the world.



"To date, there has been a lot of carrot and not much stick, and we believe that regulators should harden their stance to help drive real change." - Leslie Gent, Head of Responsible Investing

“This decision is made on the basis that companies with the above exposures are unlikely to be able to help the transition to a low-carbon economy.” - From the company's Task Force for Climate-Related Financial Disclosure Statement


Further information

The Queen of England’s Bank (almost) exits coal, oil sands and the Arctic

Coutts Sustainability Report 2020

The UK’s largest pension fund Nest announced a new climate change policy in June 2020. It highlights thermal coal, oil sands and arctic oil drilling as particularly carbon intensive business activities that it will exclude from its investments going forwards. Nest is adopting a progressive series of exclusion thresholds. It will divest from companies deriving more than 20% revenue from these activities by the end of 2020, followed by a 10% threshold by 2023 and finally all companies involved in these activities by 2025 if they have not committed to a complete phase out operations by 2030. The company stated, “There are some business activities that we do not believe can be aligned with the goals of the Paris Agreement.”


About Nest

Nest is a workplace pension scheme established by the UK government in 2008. Due to its recent establishment, the size of the pension scheme is still relatively small. However, it is expected to grow rapidly due to contributions from its 9 million members.



"No one wants to save throughout their life to retire into a world devastated by climate change.” " - Mark Fawcett, Chief Investing Officer


Further information

Nest's climate change policy

UK’s biggest pension fund begins fossil fuels divestment

EIB  (Financial Service Company)

Published in May of 2020, EIB’s 2019 Sustainability Report announced their commitment to “...stop financing unabated fossil fuel projects, which will enter into effect at the end of 2021-EIB”. Furthermore in EIB’s 2020 Sustainability Report, they highlighted adjustments to their treasury investment activities in line with the Paris Agreement and their own corporate sustainability goals, in relation to fossil fuels this includes: “Exclusion criteria for conventional bonds for sectors with high environmental risks, including, but not limited to, mining, oil and gas, steel, cement and aviation -EIB”.


Further information

EIB Website

SCOR Se is the fourth largest reinsurance company in the world. In its 2019 Climate Report (released May 2020) SCOR announced that it will divest from companies deriving more than 30% income from oil sands. This exclusion threshold will be progressively lowered to 10% by end of 2021.

About SCOR

Headquartered in Paris, France, SCOR is the world’s 4th largest reinsurance company. It operates in 160 countries from 38 offices.


“On the asset side, (re)insurers must face the implications of climate change on their investments, considering both physical and transition risks.” - Denis Kessler, Chairman and CEO

Further information

SCOR Climate Report 2019

RSA Insurance Group (Insurance Company)

In their Climate Change and Low Carbon Policy position statement, RSA Insurance Group announced three key changes to their oil sands-related investments that would become effective in January of 2020. Their commitments were:

  • Removing the possibility of insurance contracts for new oil sands and shales projects.
  • Engaging with existing customers in the energy sector with operations covering thermal coal, oil sands and shales to understand their transition plans, support positive innovation and review environmental management measures ahead of renewal or offering any additional contract -RSA”.
  • No new investments in companies that generate more than 30% of their “revenue from production or transportation of oil sands and shales -RSA”.
Further information

RSA Group Website

The Hartford is a US investment and insurance company. In December 2019 it announced it will cease to invest or underwrite companies that derive 25% of their income from coal or oil sands. They aim to phase out existing insurance relationships and divest shares from companies that exceed this threshold by 2023.


About Hartford

The Hartford is one of the largest insurance companies in the USA. It was founded in 1810 in the city of Hartford, Connecticut. It is a Fortune 500 company and a component of the S&P 500.



“As an insurer and asset manager we recognize the growing cost of this crisis, and we’re determined to use our resources and influence to address the challenge. That’s why we have taken a position on coal and oil sands.” - Christopher Swift, Chairman and CEO


Further information

The Hartford Announces Its Policy On Insuring, Investing In Coal, Tar Sands

The Hartford's statement on climate change

Italian insurance company Generali is divesting from all companies generating more than 5% revenue from oil sands, including transport infrastructure. The company stated that they have already divested equity investments and are gradually eliminating bond investments. They will also not insure companies in the oil sands sector.


About Generali

Generali is one of the worlds largest global insurance providers. It is headquartered in Trieste, Italy. It has approximately 72,000 employees and operates in 50 countries.


Further information
Generali’s Climate-related Financial Disclosure

Varma Pension Insurance Company (Insurance Company)

Announced in their Annual and Sustainability Report for 2020  Varma committed to removing oil exploration projects for all their investments by 2030.


Further information

Varma Website

AXIS Capital, the holding company for the AXIS group of insurance companies, announced it would no longer insure oil sands extraction or transportation infrastructure. It will also no longer insure or invest in companies that hold more than 20% of their reserves in oil sands. The policy comes came into effect from the beginning of 2020.


About AXIS

AXIS Capital was founded in Bermuda in 2001.It is a major global insurance provider.



“…we believe this new thermal coal and oil sands policy is the right thing to do for our planet and our business.” - Conrad Brooks, AXIS General Counsel


Further information
AXIS becomes first U.S. insurer to restrict coal and oil sands

AXIS press release

KLP, Norway's largest pension fund, has completed its divestment of all companies deriving more than 5% of their revenue from oil sands. The company had previously announced a policy in December 2017, that only planned to exclude companies above a 30% threshold. The lower 5% tolerance sets a new standard for the industry. Four of the biggest Canadian oil sands companies (Cenovus, Husky, Suncor and Imperial Oil) along with one Russian company, have now been excluded from the portfolio, totalling US$58million in equity and bonds that have been divested.


About KLP

KLP is the largest pension fund in Norway with over US$81 billion in assets under management.



“As the largest pension fund in Norway, KLP also wants to send a signal to the markets that oil sands should not form part of the current and future energy supply. We hope that other large asset managers will follow this example. By going coal and oil sands free, we are sending a strong message on the urgency of shifting from fossil to renewable energy.” - Sverre Thornes, CEO of KLP


Further information

Press release: Norway's largest pension fund goes oil sands free

Norwegian fund excludes four Canadian firms as it exits oilsands investments

Munich Re, the world’s second largest reinsurance company, in September 2019 enacted a new policy to no longer insure oil sands extraction or related infrastructure. It will also divest stock holdings from companies deriving more than 10% of their income from oil sands. In the latest certificate of insurance issued by Trans Mountain Corporation (builders of the Trans Mountain expansion pipeline) Munich Re is listed as an insurer through its subsidiary Temple Insurance. However, this contract came into place in August 2019. It is understood that the company have now not renewed it in August 2020.


About Munich Re

Munich Re is the world’s second largest reinsurance company as well as a major primary insurance provider. It has approximately 40,000 employees worldwide and is headquartered in Munich, Germany.



“One of the greatest challenges facing humanity is climate change. As members of the (re)insurance industry we are particularly sensitive to the consequences of climate change because it directly impacts our business.” - Joachim Wenning, CEO


Further information

Munich Re toughens the Tone on the Oil Sands

Munich Re Corporate Responsibility Report 2019

Koch Industries has completed its exit from oil sands production. Despite pulling out of two planned oil sands projects in 2016, subsidiary Koch Oil Sand Holdings continued to hold substantial undeveloped leases for well sites. As recently as 2014 Koch were one of the largest lease holders in the region, with 1.1 million acres. They have now sold off a portion of these, while those leases remaining unsold have been abandoned.


About Koch Industries

Koch industries is an American Corporation involved in multiple industries, including the manufacturing and distribution of petroleum. It is a private company with brothers Charles and David Koch as the majority owners. Figures for total assets are unavailable, but annual revenue in 2018 was US$110 billion. The company is the second largest privately held company in the United States, and in 2014 was the largest landowner in the Athabasca oil sands.



“All of the remaining licences for well sites have been abandoned, which means that they have been permanently sealed and taken out of service,” - Shawn Roth, Alberta Energy Regulator spokesperson

“These recent transactions are merely a reflection of the opportunities that are currently available in the marketplace and our desire to prioritize other initiatives,” - Rob Carlton, Koch spokesperson


Further information

Koch Brothers Abandon Alberta Tar Sands/Oil Sands

Zurich insurance group, one the world's largest insurance companies, has decided to no longer underwrite or invest in companies that derive more than 30% of their profits from the most carbon intensive fuels: coal, oil shale and oil sands. This includes purpose-built infrastructure involved in transportation and processing, like pipelines and railways. At the same time Zurich has also signed up to a UN pledge for businesses to align themselves with the aim of keeping warming beneath a 1.5C global average. The decision to include oil sands “is based on the fact that these are among the most carbon-intensive fossil fuels.” said David Hilgen, media and public relations manager for Zurich North America


About Zurich

Zurich Insurance Group is based in Switzerland. In 2018 it generated US$67.6 billion in revenues and has 54,000 employees around the world. In 2017 Zurich implemented a strategy to divest from companies that derive more that half their revenue from coal. It has set itself a 2 year timeline in which to achieve its new fossil fuel policy. It has also committed to using 100% renewable energy in all company operations by 2022.



“As one of the world’s leading insurers we see first-hand the devastation natural disasters inflict on people and communities. This is why we are accelerating action to reduce climate risks by driving changes in how companies and people behave and support those most impacted. It is simply the right thing to do” - Mario Greco, CEO Zurich Insurance Group.


Further information

Zurich signs up to UN business pledge to limit global temperature rise and announces it will use only renewable energy by 2022

Swiss insurance giant divests from the oilsands

Zurich Insurance Drops Tar Sands/Oil Sands, Pipelines and Rail, Commits to 100% RE by 2022

In February Devon Energy Corp announced it will be “separating” from its Canadian assets and focusing on the U.S. oil business. In May, Calgary based company Canadian Natural Resources announced it will be buying up these assets, worth US$3.8 billion, with the deal expected to close by the end of June. Devon Energy has around US$18 billion in total assets.


About Devon Energy

Devon Energy Corporation is headquartered in Oklahoma City. It is an independent oil and natural gas exploration and production company, focusing onshore in North America. Founded in 1971, it is currently a Fortune 500 Company. The company had previously sold off its conventional assets to Canadian Natural Resources in 2014.



“With our world-class U.S. oil resource plays rapidly building momentum and achieving operating scale, the final step in our multi-year transformation is an aggressive, transformational move that will accelerate value creation for our shareholders by further simplifying our resource-rich asset portfolio,” - Dave Hager, CEO


Further information

Devon Energy Announces Plans to Pull Out of Canadian Oilsands

Oil Producer Canadian Natural Doubles Down on Canada in $2.8 Billion Deal with Devon

Norway's wealth fund, worth approximately a trillion dollars, will divest from oil and gas exploration companies by selling stakes in 134 companies. This will affect about 1.2 percent of its holdings, or US$7.5 billion dollars. This is only a partial divestment, as Norway continues to have stocks in major oil and gas companies like BP, Shell and Chevron. There is no timeline available as to when or how quickly this will happen.

Norway's Finance Minister Siv Jensen said: "The objective is to reduce the vulnerability of our common wealth to a permanent oil price decline. Hence, it is more accurate to sell companies which explore and produce oil and gas, rather than selling a broadly diversified energy sector."


About Devon Energy

Norway’s Fund, formally known as the Government Pension Fund of Norway, is made up of two sovereign wealth funds. The fund in question is the Government Pension Fund Global, which exists as a place where excess wealth created by Norwegian petroleum income is deposited. Having over 1 trillion in assets, it is the world’s largest. The Fund has an advisory council on ethics, and in the past has divested from other industries like tobacco and coal.


“[This decision] shows that while the fund was initially built on revenue from oil and gas, the ministry of finance understands that the future belongs to those who transition away from fossil fuels." - Marc. Campanale, CEO of Carbon Tracker

“Norway is hardly likely to sell all the shares immediately or all at once, both of which would probably force down share prices sharply when it wants to get the best possible return on its investment.” - BBC News

Further information
Norway Set to Divest $1 Trillion Wealth Fund From Oil and Gas Exploration Companies

IEEFA Update: Get Out Now — Norway’s Fossil Fuel Epiphany

Aegon, an international insurance company, is withdrawing 530 million euros in investments from oil sands companies. Their total assets are just under US$450 billion. They have sold shares in eight Canadian companies including Canadian Natural Resources. This decision comes with a move to focus on the transition to renewables. No timeline was noted.

The company states that “it will not invest in oil companies that produce 30% or more of their total production from oil sands, and pipeline companies which are involved in oil sands transportation, as these investments are not considered to be in line with the company’s climate strategy.” - Aegon, News and Updates


About Aegon

Dutch company Aegon is a provider of life insurance, pensions and asset management. They currently operate in over 20 countries and serve millions of customers. In 2015 they became one of the worlds top 10 largest insurance companies. They produce yearly sustainability reports, focusing on how the company makes investments in an environmentally and socially responsible manner.



"As a signatory to the Paris Pledge for Action and considering our strategic focus on supporting the energy transition, it is not compatible to make new investments in oil production from oil sands." - Marc van Weede, Global Head of Strategy & Sustainability


Further information

Major Insurance Company Aegon Divests from Tar Sands

Aegon - Sustainability Reports

On the 17th December the President of Ireland signed into law the Fossil Fuel Divestment Bill 2016. This means the Republic of Ireland will become the world's first nation to sell off all investments in fossil fuels. The state's €8 billion national investment fund now has 5 years to divest itself of over €300 million of assets in fossil fuel companies.


About the Republic of Ireland

The Republic of Ireland is a nation of 5.5 million people. In 2019 it had a GDP of over $400 billion USD.



“Let us show the Irish public and the international community that we are ready to think and act beyond narrow short-term and vested interests, and will take the opportunities that lie ahead of us to bring in real change.” - Thomas Pringle, independent member of parliament who introduced the bill


Further information

Ireland becomes world's first country to divest from fossil fuels

Ireland expected to become world's first country to divest from fossil fuels

Fossil Fuel Divestment Act 2018

Swiss Re is the world’s largest reinsurance company. In 2018 it introduced a new sustainability risk framework policy and will no longer invest in companies deriving more than 20% of revenues from oil sands. The policy for providing insurance cover is vaguer, stating that the company will use “predefined quality criteria to screen transactions in the areas of oil sands”. It is unclear how rigorous these criteria are. However, it is worth noting that in 2014 when Kinder Morgan disclosed its general list of insurance providers Swiss Re was included, the April 2020 filing of insurance providers for Trans Mountain ULC does not list Swiss Re as a provider.


About Swiss Re

Swiss Re is the world’s largest reinsurance provider, with offices in 25 countries. It is headquartered in Zurich, Switzerland.



Regarding its investment policy the company states: “Tar sands assets are particularly carbon-intensive and susceptible to stranded asset risk given the long life of these assets, as well as the evolving regulations on carbon emissions.”


Further information

Swiss Re's 2018 corporate responsibility report

NN Group, an insurance and asset management group based in the Netherlands, has announced it will no longer invest in oil sands companies. Any company that relies on oil sands for more than 30% of its oil production will be excluded from the portfolio. While those companies falling under this threshold will be reassessed in 2 years.

About NN Group

NN Group is a major insurance and asset management group operating in the Netherlands and is one of the 100 largest asset management groups in the world. It was formally part of ING Group, one of the world's largest banks.


“Climate change presents a risk to our investments, but can also provide opportunities if business models are timely adjusted. Although our preferred approach is to engage with companies to support them in the transition to a low-carbon economy, we also want to direct our efforts to those sectors where we believe that our engagement can be most effective. If global warming is to be kept below 2 degrees in line with the Paris Agreement, we believe oil sands should not be developed. After evaluating the oil sands sector, we concluded exclusion sends an important signal in support of the quest for alternatives.” - Dailah Nihot, member of NN Group management board

Further information

Press release: NN Group excludes investments in oil sands

AXA, one of the biggest multinational financial services companies, will divest over 700 million euros from main oil sands producers and associated pipelines. AXA’s totals assets are 930 billion euros. The companies that AXA will divest from are companies for which more than 30% of their proven and probable reserves are oil sands reserves. In Canada, this included TransCanada, Enbridge, and Kinder Morgan. They are doing so with a specific environmental focus to help fight climate change. No specific timeline was present for oil sands divestment but they plan on furthering green investments fivefold by 2020.


About AXA

AXA is a French multinational insurance firm headquartered in Paris. They provide a variety of financial services, as well as global insurance and investment management. They are currently the third largest insurer in the world.



“The fight against climate change requires engagement in a global collective action. This can be done through collaborations and partnerships, and also by leading by example. With all the decisions we announced today, we send a strong signal to everyone that, while this topic is complex, it can nonetheless be tackled. At AXA, we are willing to make all efforts to help mitigate climate change. Unsustainable business will become un-investable and uninsurable business.” - Thomas Buberl, CEO of AXA


Further information

Axa Accelerates Its Commitment to Fight Climate Change

Insurance Giant Axa Dumps Investments in Tar Sands Pipelines

HSBC announced it will back out of financing any new developments to do with Canada’s oil sands. The decision comes with pressure to make sure the banks are aligning with the Paris agreement. The bank says its commitments to withdrawing from the oil sands will happen over time, but doesn’t specify when. With total assets of over US$2.5 trillion, there is no mention of how much this divestment will be.

About HSBC

HSBC is the largest bank in Europe, and 7th largest in the world. It has offices in 67 countries around the world. It has been involved in many different controversies over the years, including money laundering scandals.


“We recognize the need to reduce emissions rapidly to achieve the target set in the 2015 Paris Agreement... and our responsibility to support the communities in which we operate,” - Daniel Klier, HSBC global head of sustainable finance


French bank, BNP Paribas announced it will no longer do business with companies in focused on oil sands or shale gas. This includes companies in the business of marketing or trading oil from oil sands as well as pipelines or other supporting infrastructure projects. The bank also announced it would direct more investment towards renewable energy and innovation directed towards energy transition.


About BNP Paribas

BNP Paribas is the 2nd largest bank in the Europe and the 8th largest bank in the world, holding over €2000 billion in assets and operating in 72 countries.



"We’re a long-standing partner to the energy sector and we’re determined to support the transition to a more sustainable world. As an international bank, our role is to help drive the energy transition and contribute to the decarbonisation of the economy. As we have announced, we’re committed to working with and supporting those energy sector partners who have decided to make environmental issues a central part of their business policy.” - Jean-Laurent Bonnafé, CEO of BNP Paribas


Further information

Press. release: BNP Paribas takes measures to support energy transition

France's biggest bank shuns oilsands

The World Bank

At the One Planet Summit in France, in line with the Paris Agreement, The World Bank announced it would no longer finance upstream oil and gas operations after 2019. Nonetheless, there is an exception to this commitment which is “in exceptional circumstances, consideration will be given to financing upstream gas in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within the countries’ Paris Agreement commitments - The World Bank.”


Further information Pree Release
The World Bank Website

French bank, Natixis, announced that it will no longer finance the oil sands industry including infrastructure projects like pipelines and terminals. This forms part of a broader move towards a new green investment strategy for the bank, as it moves to align itself with the objectives of the Paris Agreement and follows on from the bank's divestment from the coal industry two years previously. Natixis is the third French bank to announce divestment from oil sands within one month.


About Natixis

Natixis is a major French corporate and investment bank. The asset management arm of the bank controls just under $1000 billion in assets making it the 27th largest asset manager in the world. It forms the corporate, financial services and asset management arm of the BPCE banking group, the 6th largest bank in Europe.


Further information

Press release: Natixis deepens its commitment to the climate and the environment

French bank, Societe Generale, has announced it will no longer finance oil sands or oil extraction in the Arctic. This forms part of the bank's new approach to supporting a less carbon intensive economy, on one side to tighten its approach to financing the oil and gas industry and on the other to raise new investment to finance green energy infrastructure. This now means all 3 of the largest banks in France have committed end financing for oil sands.


About Societe Generale

Founded in 1864 Societe Generale is now the 5th largest bank in Europe, with over €1300 billion in assets.



"In a responsible manner, and with the will to reinforce our commitment, we have decided to take strong new measures in favour of a less carbon-intensive economy, with on one hand the objective to contribute to raising €100 billion in financing for the energy transition by 2020 and, on the other hand, the strengthening of our sectoral E&S Oil and Gas policy." - Frédéric Oudéa, CEO of Societe Generale


Further information

Press release: Societe Generale strengthens its commitments in the fight against climate change

Crédit Agricole, a French bank, announced it will shift towards greater green financing while excluding the most polluting the most polluting fossil fuels from its portfolio. The bank explicitly includes oil sands in this list and as such will no longer finance its extraction or other infrastructure connected to the industry.

About Crédit Agricole

Established in the late 19th century as a means to provide short term credit to farmers, Crédit Agricole is now the 3rd largest bank in Europe and the largest cooperative bank in the world, with assets in excess of €1600 billion.


"We are accompanying progress: our role is to accelerate the energy transition and to support, through our expertise, our customers in changing their business models. In order to be efficient, our commitments must be precise and technical” - Philippe Brassac, CEO of Crédit Agricole


Shell has sold its oil sands assets to Canadian Natural Resources for US$8.5 billion. Shell total assets come to just under US$400 billion. The announcement “contributes to [their] strategy to reshape Shell, to deliver a world-class investment case and to strengthen our financial framework”. With this sale, Shell reduces it’s share in the Athabasca oil sands from 60% to 10%. Motivation for this deal comes from investor pressure to mitigate climate change risks, as well as to cut down on current debt.

About Shell

Royal Dutch Shell is a British-Dutch oil and gas company. Shell was ranked the 9th largest company in the world in 2019. It plays an active part in every area of of the oil and gas industry. In 2016, it acquired BG group, a British oil company, making it the world’s largest producer of liquefied natural gas (LNG).


Chief executive Van Beurden was asked if this sale was linked to the higher greenhouse gas emissions associated with the oilsands: "No. We felt that the position we had in oilsands mining was not material and we were not advantaged enough to fit in our long-term portfolio design."


Marathon Oil Corporation announced that it had signed an agreement to sell its Canadian subsidiary, which includes the Company's 20 percent non-operated interest in the Athabasca Oil Sands Project (AOSP), to Shell and Canadian Natural Resources Limited for US$2.5 billion in cash. The effective date was set at Jan. 1 2017, with the sale expected to close in mid 2017. Marathon Oil total assets currently sit around US$32.3 billion. The company’s focus now shifts to US resources that are lower cost.

About Marathon Oil

Marathon Oil is an American petroleum and natural gas exploration and production company. Their focus is on low cost oil resources in the United States, but also have international operations in Europe and Africa.


"Historically, our interest in the Canadian oil sands has represented about a third of our Company's other operating and production expenses, yet only about 12 percent of our production volumes…Today's announcements give us even greater focus and concentration on our diverse set of high-return opportunities in the U.S. resource plays, and strongly position us to generate long-term value for our shareholders for many years to come.” - Lee Tillman, President and CEO


American oil giant, ConocoPhillips, announced a deal to sell its oil and natural gas assets to Canada’s Cenovus Energy for US$13.3 billion. The sale occurred on March 29, 2017. This includes selling a 50% interest in the Foster Creek Cristina Lake oil sands partnership. ConocoPhillips said the sale would enable it to pay down debt and return cash to shareholders, and also cut the average cost of its production from about $40 to about $35 per barrel. The company also suggested low global oil prices made the reserves uneconomical to produce. ConocoPhillips’ total assets are US$73.3 billion.


About ConocoPhillips

ConocoPhillips is an American energy corporation headquartered in Houston, Texas. It is a Fortune 500 company, operating in 17 countries. Their focus is on exploration and production of oil and natural gas globally.



“This transaction will make a significant and immediate impact by accelerating our value proposition” - Ryan Lance, Chairman and CEO


Further information

Big Players Exit Canada’s Oil Sands

ConocoPhillips Sells Oil and Gas Assets to Cenovus for $13.3 Billion

Koch Industries announced it wanted to get out of its
oil sands project in the Muskwa region, citing economic and regulatory
uncertainties. No figures were given for the amount of assets that would be
sold, or a timeline.


About Koch Industries

Koch industries is an American Corporation involved in multiple industries, including the manufacturing and distribution of petroleum. It is a private company with brothers Charles and David Koch as the majority owners. Figures for total assets are unavailable, but annual revenue in 2018 was US$110 billion. The company is the second largest privately held company in the United States, and in 2014 was the largest landowner in the Athabasca oil sands.



"KOSO (Koch Oil Sands Operating) does not believe the current nor medium term economic environment in Alberta will provide opportunity to generate an adequate return on the required capital for construction of the Muskwa SAGD project."

"The longer term economic risk of the project is further burdened with regulatory uncertainty around the Climate Leadership Program and its potential impacts on the project, from carbon tax to the emissions cap, both recently legislated by the Alberta Government." — Bryon Lutes, Vice President of Business Development for KOSO


Further information

Koch Wants Out of Muskwa Oil Sand Project Due to Regulatory Uncertainties

The Empire Steps Back: Koch Dumps Two Alberta Tar Sands/Oil Sands Sites