Over the last month, the Canada Pension Plan Investment Board (CPPIB) held public meetings in eight cities across Canada. These CPPIB meetings, which happen once every two years, are a rare opportunity to engage directly with the staff and executives that manage the $647-billion Canada Pension Plan on behalf of over 22 million contributors and beneficiaries.

In a risky bet on climate failure, the Canada Pension Plan Investment Board (CPPIB) has just announced its fifth investment in private fossil fuel assets this year. The CPPIB is investing $1.2 billion in Denver-based Tallgrass Energy, which operates over 16,000 kilometres of oil and gas pipelines across 14 states.

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. 

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.