A new year’s resolution for federal pension funds: Stop financing fossil fuels

Patrick DeRochie is senior manager for Shift Action for Pension Wealth and Planet Health, a charitable initiative that works to protect pensions and the climate by bringing together beneficiaries and their pension funds to engage on the climate crisis.

Come the first day of 2023, Canada’s federal government will essentially end financing for oil and gas internationally.

The policy is the fulfillment of a key 2021 election promise https://ukcop26.org/statement-on-international-public-support-for-the-clean-energy-transition/ by the governing Liberals to align international public financial support for the clean energy transition. Yet while Canadians’ tax dollars will no longer go toward financing fossil fuels abroad, their hard-earned retirement savings still do. Canada’s largest pension funds, including the Canada Pension Plan Investment Board (CPPIB) and Public Sector Pension Investment Board (PSPIB), continue to finance oil and gas expansion abroad.

This inconsistency must be addressed. It underscores the need for greater climate-related regulation of the financial sector, including public pension plans. |Read more https://www.corporateknights.com/category-finance/a-new-years-resolution-for-federal-pension-funds-stop-financing-fossil-fuels/|
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