The Canada Pension Plan, our pension plan, spent $900 million of our money to bail out the struggling Canadian oil company Encana by buying its Colorado fracking operation. We own an oil company that fracks in Colorado’s Denver Julesberg (DJ) Basin. Where local communities have been fighting to impose moratoriums on plans to drill 15,000 wells.
It may not end there. Canada
Pension Plan Investment Board former CEO, Mark Wiseman said “I don’t think we’d
go buy Exxon, but we might buy a piece of Exxon if it were for sale.” A company
that not only contributes to climate change directly but has also been accused
of funding climate change deniers.
This is the climate cavalier attitude
of Canada’s largest public investor.
An attitude that is costing us and
one that we must change. Sign the petition to tell Finance Ministers to climate risk
proof your pension.
Friends of the Earth Canada asked Corporate
Knights to look into investments of the five biggest public sector pension
funds. Turns out they are foregoing $20 billion profit every year by not fully incorporating climate risks into investment decisions. The Canada Pension Plan
likely missed out on US$6.5 billion in profits by sticking with climate
The Canadian Centre for Policy
Alternatives has also investigated pension funds and found the CPP is more
heavily invested in fossil fuels than other funds. This means the CPP is
more exposed to climate risk. Fossil fuel producers or pipeline
companies make up about 22% of the CPP’s Canadian investments and about 6% of
its foreign investments. In these same investments, CPP owns 34 companies
involved in the worst climate polluting industries – coal mining and coal
Ethical Action Alerts for Human Rights, Environmental Issues, Peace, and Social Justice, supporting the UN Universal Declaration of Human Rights and UN Treaties and Conventions.
Humanists for Social Justice and Environmental Action supports Human Rights, Social and Economic Justice, Environmental Activism and Planetary Ethics in North America & Globally, with particular reference to the Universal Declaration of Human Rights and other Human Rights UN treaties and conventions listed above.
Tell CPP to explain why you own a fracking oil company
Subscribe to: Post Comments (Atom)
Post a Comment
Comments are moderated. We will post relevant comments only. Please send queries to the blog admin.