Opinion: Canada's pension plan shouldn’t be a cheerleader for Alberta’s oil and gas industry

OPINION | Rather than playing into politics, CPPIB should acknowledge the climate risks and global market forces that are deterring investors from fossil fuels

By Patrick DeRochie in Corporate Knights

November 23, 2023

Excerpt:

By standing before the Calgary Chamber of Commerce and pledging our national pension fund’s continued support for the Alberta oil and gas industry, Canada Pension Plan Investment Board (CPPIB) CEO John Graham predictably told Alberta Premier Danielle Smith and her Big Oil allies exactly what they wanted to hear.

But the financing needs and expansion plans of oil and gas companies are incompatible with CPPIB’s mandate to ensure Canadians’ retirement security by investing “with a view to achieving a maximum rate of return without undue risk of loss.”

It should be obvious that achieving this mandate is dependent on stabilizing global temperatures at relatively safe levels. Canadians require a livable planet on which to retire, and climate scientists and energy modellers are clear that limiting global temperature increase to 1.5℃ and avoiding catastrophic impacts to our ecosystems, economy and financial system requires fossil fuels to be rapidly phased down. [Click here to continue reading the full op-ed in Corporate Knights.]