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Oil sands and ethical investing at a price
Friday, 16, April 2010


At BP’s AGM on Thursday, ethical investors including the Co-Op and Calpers failed in their effort to convince BP to review its biggest planned investment in Canada’s oil sands.Nonetheless, 9 percent of investors voted in favour of a review — a much bigger venting of shareholder angst about a single project than oil companies are used to hearing.Was this a vote for the environment or a vote for ethical fund managers’ own businesses?

The oil sands business produces even more CO2 than traditional oil and the investor group, which also included environmental and faith groups, said they were concerned that if governments sought to fight climate change by hiking charges for emitting CO2, the Sunrise project may turn prove an economic catastrophe for BP.Analysts don’t see a serious risk of this but the oil sands industry could still be an economic catastrophe for socially responsible fund managers.
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