{"id":61140,"date":"2023-11-29T10:18:42","date_gmt":"2023-11-29T18:18:42","guid":{"rendered":"https:\/\/energi.media\/?p=61140"},"modified":"2023-11-29T10:18:42","modified_gmt":"2023-11-29T18:18:42","slug":"opinion-canadas-pension-plan-shouldnt-be-a-cheerleader-for-albertas-oil-and-gas-industry","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/opinion-canadas-pension-plan-shouldnt-be-a-cheerleader-for-albertas-oil-and-gas-industry\/","title":{"rendered":"Opinion: Canada’s pension plan shouldn\u2019t be a cheerleader for Alberta\u2019s oil and gas industry"},"content":{"rendered":"

This article was published by Corporate Knights<\/a> on Nov. 24, 2023.<\/em><\/p>\n

By Patrick Derochie<\/a><\/strong><\/em><\/p>\n

By standing before the Calgary Chamber of Commerce and pledging our national pension fund\u2019s continued support<\/a>\u00a0for 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.<\/p>\n

But the financing needs and expansion plans of oil and gas companies are incompatible with CPPIB\u2019s\u00a0mandate<\/a>\u00a0to ensure Canadians\u2019 retirement security by investing \u201cwith a view to achieving a maximum rate of return without undue risk of loss.\u201d<\/p>\n

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\u2103 and avoiding catastrophic impacts to our ecosystems, economy and financial system requires fossil fuels to be rapidly phased down.<\/p>\n

This creates a difficult test for our national pension manager. CPPIB needs to tamp down the Alberta government\u2019s efforts to upend Canada\u2019s retirement fund and reassure Albertans that it provides value for money by delivering superior pension returns. At the same time, CPPIB must acknowledge the dire warnings of climate scientists and navigate the accelerating global market forces that are deterring institutional investors from investing in fossil fuels, of which Alberta is a major producer.<\/p>\n

CPPIB appears to have flunked this test.<\/p>\n

By caving to Premier Smith\u2019s grievance politics and telling Calgary\u2019s business community that CPPIB will continue to accept undue risk of loss in order to prop up an industry facing inevitable decline, Graham undermined the notion that CPPIB is a prudent arm\u2019s-length pension manager that sits above politics.<\/p>\n

He also signalled to Canadians that CPPIB is unwilling to make the difficult but necessary decisions to limit the exposure of the Canada Pension Plan (CPP) to increasingly high-risk fossil fuels.<\/p>\n

Graham\u2019s Calgary speech came just weeks after the International Energy Agency published its authoritative\u00a0World Energy Outlook<\/em><\/a>, which sees global demand for all fossil fuels peaking before 2030, under all scenarios, even if governments neglect to further strengthen and accelerate policies to reduce greenhouse gas emissions in line with climate goals.<\/p>\n

By pledging to\u00a0grow<\/em>\u00a0its 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. It\u2019s almost as if CPPIB doesn\u2019t understand that\u00a0every 10th of a degree<\/a>\u00a0of temperature increase makes a livable planet less and less achievable.<\/p>\n

Graham\u00a0said<\/a>\u00a0in his Calgary speech that CPPIB holds $6 billion in assets in Alberta\u2019s oil and gas industry, whose emissions\u00a0continue to increase<\/a>, putting Canada\u2019s\u00a0climate targets out of reach<\/a>. He\u00a0shared the stage<\/a>\u00a0with Teine Energy and Wolf Midstream, two Alberta-based fossil fuel companies owned by CPPIB \u2013 neither of which have committed to net-zero emissions.<\/p>\n

CPPIB\u2019s reluctance to acknowledge the need to phase out fossil fuels might also be influenced by the oil and gas interests prominently represented on its\u00a0board<\/a>. Four of the fund\u2019s 12 directors are concurrently directors or executives of fossil fuel companies, including Kiwetinohk Energy, a Calgary-based natural gas producer and gas plant operator; Capital Power, an Edmonton-headquartered gas plant operator; Domo Gasoline, a western Canadian gasoline retailer; and Wajax Corp, an oil sands equipment and services provider. In case CPPIB needs a direct line to the oil and gas lobby, the president and CEO of the Canadian Association of Petroleum Producers is a\u00a0former CPPIB executive<\/a>\u00a0based in Calgary.<\/p>\n

Graham claimed that \u201csome of the most responsibly produced conventional energy in the world is in Western Canada.\u201d This is a fictitious line we expect to hear from oil lobbyists but shouldn\u2019t hear from a prudent pension manager.<\/p>\n

Greenhouse gas emissions from a barrel of Canadian oil are\u00a0among<\/a>\u00a0the\u00a0highest in the world<\/a>\u00a0compared with other producers. Studies\u00a0estimate<\/a>\u00a0that methane emissions from Canada\u2019s oil and gas sector are at least 1.5 times higher than reported, and in some cases 15 times higher. Recent research from the University of Calgary\u00a0concludes<\/a>\u00a0that Alberta\u2019s inactive and orphaned oil-and-gas-well problem is \u201can immense environmental and financial crisis\u201d that could cost between $60 and $120 billion to address. Meanwhile, oil sands companies continue to\u00a0leak toxic tailings<\/a>\u00a0into Alberta waterways with near impunity, contaminating ecosystems and\u00a0exposing downstream Indigenous communities<\/a>\u00a0to harmful chemicals. The Alberta Energy Regulator is widely seen to be\u00a0captured<\/a>\u00a0by the oil and gas industry it\u2019s supposed to regulate.<\/p>\n

Graham\u2019s speech also included dubious\u00a0statements<\/a>\u00a0about divestment and the pace of transition away from fossil fuels, claiming that the \u201cglobal investment community has also changed its tune when it comes to fossil fuel divestment.\u201d Similarly, CPPIB\u2019s chief sustainability officer wrote in CPPIB\u2019s\u00a02023 Report on Sustainable Investing<\/em><\/a>\u00a0that \u201cconsensus has consolidated around the belief that the financial system should be empowered to finance the transition to a low-carbon future rather than mobilized to pursue a divestment agenda.\u201d<\/p>\n

This \u201cconsensus\u201d is imaginary. The financial system must be aligned with a\u00a0zero-carbon<\/em>\u00a0future, and many investors have stopped pretending that it\u2019s possible to finance the decarbonization of fossil fuels. The only credible pathway to zero emissions for oil, gas and coal companies is to phase out production.<\/p>\n

Already, investors with\u00a0nearly US$41 trillion<\/a>\u00a0in assets have at least a partial investment exclusion on fossil fuels. In Canada, the\u00a0Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec (CDPQ)<\/a>\u00a0divested its oil and coal assets in 2022, while Ontario\u2019s\u00a0University Pension Plan<\/a>,\u00a0\u00a0OMERS<\/a>\u00a0(the Ontario Municipal Employees Retirement System),\u00a0HOOPP<\/a>\u00a0(Healthcare of Ontario Pension Plan), and\u00a0IMCO<\/a>\u00a0(Investment Management Corporation of Ontario) all announced partial exclusions on investments in fossil fuels in the last year. Globally, some of the biggest pension funds in the world exclude fossil fuels from their portfolios, including Europe\u2019s largest pension fund,\u00a0ABP<\/a>, the U.K.\u2019s largest workplace pension scheme,\u00a0Nest<\/a>, and the U.S.\u2019s fourth-largest pension fund, the\u00a0New York State Common Retirement Fund<\/a>.<\/p>\n

There are clear financial reasons that global capital continues to flee the oil and gas sector, particularly Alberta\u2019s oil sands. The industry is facing terminal decline, with billions of dollars of oil and gas assets set to become stranded if Canada and the world are to achieve their climate targets. CPPIB is behaving irresponsibly by pretending that Alberta can extract, refine and burn these assets, when an honest conversation is needed about supporting Albertan communities and workers through the transition away from fossil fuels.<\/p>\n

CPPIB CEO John Graham\u2019s response to Premier Smith\u2019s Alberta Pension Plan gambit is entirely predictable. But in telling the world that CPPIB will continue to prop up high-risk oil and gas companies whose business model is fundamentally incompatible with a livable future, Graham must ask himself: is CPPIB behaving like a prudent arm\u2019s-length pension manager investing in the best interests of 21 million Canadians or a cheerleader for an oil and gas industry facing inevitable, structural decline?<\/p>\n

It\u2019s impossible for CPPIB to be both.<\/p>\n

Patrick DeRochie is the senior manager for\u00a0<\/em>Shift Action for Pension Wealth and Planet Health<\/em><\/a>, a charitable project that tracks the fossil fuel investments and climate policies of Canadian pension funds and that mobilizes beneficiaries to engage their pension managers on the climate crisis.<\/em><\/p>\n

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This article was published by Corporate Knights on Nov. 24, 2023. By Patrick Derochie By standing before the Calgary Chamber of Commerce and pledging our national pension fund\u2019s continued support\u00a0for the Alberta oil and gas [Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":61141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[322,13,1376,14,542],"class_list":{"0":"post-61140","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-business","9":"tag-canada","10":"tag-cpp","11":"tag-featured","12":"tag-investment"},"acf":[],"yoast_head":"\noil and gas - Thoughtful Journalism About Energy's Future<\/title>\n<meta name=\"description\" content=\"The financing needs and expansion plans of oil and gas companies are incompatible with Canada Pension Plan Investment Board\u2019s\u00a0mandate.\" \/>\n<meta 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