CANADIAN PENSION BOARD INVESTS $141M IN CHINESE COAL PROJECTS, UNDERCUTTING FEDERAL PHASEOUT POLICY – by Mitchell Beer (The Energy Mix – July 29, 2020)

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The Canada Pension Plan Investment Board (CPPIB) is jeopardizing Canadians’ retirement savings, undercutting federal government policy, and making a mockery of one of the country’s few points of climate leadership on the world stage by investing C$141 million in Chinese coal companies, a leading pensions and climate advocate said this week.

“It’s completely offside with Canada’s commitments to the Powering Past Coal Alliance and its domestic goal to retire coal-fired generation,” said Adam Scott, director of Toronto-based Shift Action. “It’s completely offside with all of Canada’s climate commitments. And it’s a red flag for Canadians to be worried about their pension savings.”

That last should be the biggest flag of all for the CPPIB, whose declared mission is to “help provide a foundation upon which 20 million Canadians build their financial security in retirement.”

“If you understand climate change, then you understand that coal is an incredibly high-risk investment in any form,” Scott told The Energy Mix.

“It’s high-risk because it’s the leading cause of the climate crisis, and therefore a key target for elimination in climate policy. It’s ripe for disruption from new technology that is rapidly out-competing coal in electricity markets.”

For the rest of this article: https://theenergymix.com/2020/07/29/canadian-pension-board-invests-141m-in-chinese-coal-projects-undercutting-federal-phaseout-policy/?fbclid=IwAR29ZfQ3EpvdmczQqRsPAOrSKYRQpEOWfvT5LEQTD9HWL7MPohFKC80sp0E

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