CPPIB’s proposed US$6.2-billion acquisition of coal mine and electric utilities lacks credible climate transition plan
The Canada Pension Plan Investment Board’s (CPPIB) proposed acquisition of Allete could become a smart investment in a major U.S. electric utility player– but not without a clear and credible climate-aligned transition plan for all of Allete’s subsidiaries. We are concerned that CPPIB’s announcement does not include any mention of the actions required to retire Allete’s risky and climate-polluting coal and gas assets in line with CPPIB’s net-zero commitment and global climate goals.
Analysis: Pension fund support for Enbridge scope 3 emissions disclosure should be a no-brainer
In deciding whether or not to support a shareholder proposal calling for full disclosure of Enbridge’s scope 3 emissions on May 8th, Canada’s largest pension funds need look no further than their own policies, reports or membership in Climate Engagement Canada.
On May 8th, Enbridge is holding its Annual General Meeting (AGM), where the shareholders and executives of Canada’s largest fossil fuel pipeline company will gather to make key decisions about the coming year. Shareholders will be voting on a proposal asking the company to “annually disclose all of its scope 3 emissions using accepted definitions and in absolute terms.”
For Canada’s pension sector, voting for the scope 3 emissions proposal at Enbridge’s AGM should be a no-brainer.
Statement: Canada Pension Plan marks Earth Day with US$300 million investment in fracking expansion
The Canada Pension Plan Investment Board (CPP Investments, or CPPIB) marked Earth Day by committing US$300 million to fracking expansion in Ohio. While CPPIB announced nothing about the investment, Houston-based oil and gas company Encino Acquisition Partners LLC (Encino Energy, or EAP), which is 98% owned by CPPIB, announced CPPIB’s commitment to “EAP’s accelerated development of the Utica oil play.”
Statement from Shift on CPP's Net-zero by 2050 Commitment
CPP Investments (CPP) has taken an important step today in recognizing that the long-term success of our national retirement fund is directly linked to addressing the climate crisis. While Shift is relieved to see the CPP finally catch up with its peers in making this essential net-zero commitment, the fund does not yet have a credible plan for achieving it and decarbonizing its significant fossil fuel assets.