Environmentalists urge Kerry to divest stocks in Sunco, Cenovus Energy
January 17, 2013- John Kerry's expected cakewalk to the U.S. State Department has delighted American environmentalists due to his stance on climate change, but the longtime senator owns stock in two Canadian oil companies that have pushed for approval of TransCanada's Keystone XL pipeline.
Federal financial disclosure records show Kerry has investments of as much as US$750,000 in Suncor, a Calgary-based energy company whose CEO has urged the U.S. to greenlight TransCanada's controversial project.
The longtime Massachusetts senator, one of the wealthiest lawmakers on Capitol Hill with an estimated net worth of $193 million, also has as much as $31,000 invested in Cenovus Energy, another Calgary firm.
The lawmaker will likely have to divest of those holdings, or put them in blind trust if they aren't already, following an ongoing federal ethics review that is standard procedure for would-be U.S. cabinet secretaries.
But one environmentalist expressed disappointment on Thursday.
"Given what we know about the fossil fuel industry and their apparent desire to cook the planet, it's immoral to have investments in these companies," Daniel Kessler of 350.org, an organization that's started a fossil fuel divestment campaign, said Thursday.
"We look forward to Sen. Kerry as secretary of state given his commitment to climate issues, but he has to divest of these investments."