The Canada Pension Plan Investment Board (CPPIB) is risking Canada's national retirement fund on risky, expensive, ineffective carbon capture and storage (CCS) projects that prolong the use of fossil fuels. The Alberta Carbon Trunk Line is a prime example. This week, the Institute for Energy Economics and Financial Analysis (IEEFA) released a report arguing that the profitability and sustainability of CCS facilities in Alberta are threatened by cost increases and failing to live up to projected emissions reductions. 

With yet another investment in fossil fuel expansion, our national pension manager continues to bet on climate failure and puts Canadians’ retirement security at risk. CPPIB cannot continue to pretend it is committed to achieving its net-zero obligations while allocating billions of dollars of Canadians’ savings into the causes of the worsening climate crisis.

As the scientific imperative to phase out fossil fuels dominates discussions at the global climate conference, CPPIB highlights its growing oil and gas investments

Read the op-ed from Patrick DeRochie, Shift’s Senior Manager, in Corporate Knights.

“By pledging to grow its portfolio of oil and gas assets, CPPIB is making an alarming bet on the world failing to limit global heating to safe levels, putting the CPP at risk from an accelerating energy transition and our retirement security at risk from catastrophic climate change.”

A company privately owned by the Canada Pension Plan Investment Board (CPPIB) announced this morning that it’s spending CA$6.2 billion to increase its oil production by 60%. Ongoing, reckless investment in fossil fuel expansion by Civitas Resources (Civitas) makes a mockery of the CPPIB’s net-zero emissions commitment and gambles the retirement savings of millions of Canadians on climate failure.