{"id":61899,"date":"2024-01-30T11:14:53","date_gmt":"2024-01-30T19:14:53","guid":{"rendered":"https:\/\/energi.media\/?p=61899"},"modified":"2024-01-30T11:14:53","modified_gmt":"2024-01-30T19:14:53","slug":"cppib-pours-100m-into-u-s-fracking-lng-as-biden-puts-industry-under-microscope","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/cppib-pours-100m-into-u-s-fracking-lng-as-biden-puts-industry-under-microscope\/","title":{"rendered":"CPPIB pours $100M into U.S. fracking, LNG, as Biden puts industry under microscope"},"content":{"rendered":"<p><em>This article was published by <a href=\"https:\/\/www.theenergymix.com\/canada-pension-plan-pours-100m-into-fracking-lng-as-biden-puts-industry-under-the-microscope\/\" target=\"_blank\" rel=\"noopener\">The Energy Mix<\/a> on Jan. 30, 2024.<\/em><\/p>\n<p><em><strong>By Mitchell Beer<\/strong><\/em><\/p>\n<p>The pension fund that manages retirement savings for more than 21 million Canadians allowed US$100 million of those funds to be invested in industries now under the microscope after the Biden White House announced it would apply a climate test to liquefied natural gas (LNG) exports, a research and advocacy group says.<\/p>\n<p>The C$576-billion Canada Pension Plan Investment Board (CPPIB) placed the investment in 2022 with\u00a0<a href=\"https:\/\/www.prnewswire.com\/news-releases\/kimmeridge-closes-sixth-ep-focused-fund-and-related-vehicles-with-over-1-billion-in-new-capital-commitments-301891448.html\">Kimmeridge Fund VI<\/a>, which the board\u00a0<a href=\"https:\/\/www.cppinvestments.com\/newsroom\/cpp-investments-net-assets-total-523-billion-at-first-quarter-fiscal-2023\/\">describes<\/a>\u00a0as \u201ca U.S.-based alternative asset manager focused exclusively on the [fossil] energy sector.\u201d Those funds flowed through to natural gas fracking operations in Texas and the proposed Commonwealth LNG terminal on the Louisiana coast, Shift Action for Pension Wealth and Planet Health\u00a0<a href=\"https:\/\/twitter.com\/ActionShift\/status\/1750950192000503934\">said<\/a>\u00a0on social media last week.<\/p>\n<div class=\"jeg_custom_content_wrapper single-post-content \">\n<div class=\"entry-content no-share\">\n<div class=\"content-inner\">\n<section class=\"wpb-content-wrapper\">Commonwealth was first put forward to U.S. regulators in July, 2017, was approved in November, 2022, and a final investment decision on the project was expected by the end of March, Offshore Technology\u00a0<a href=\"https:\/\/www.offshore-technology.com\/projects\/commonwealth-lng-terminal-louisiana-usa\/\">reports<\/a>. With capacity to export 9.3 million tonnes of LNG per year, Commonwealth would be almost the size of the 11.3-million-tonne Calcasieu Pass 2 project that will now be\u00a0<a href=\"https:\/\/www.theenergymix.com\/we-all-just-won-u-s-to-apply-climate-test-to-new-lng-terminals\/\">subject to a climate review<\/a>, one of 17 new export terminals the U.S. gas industry is trying to bring online.\u201cThis is an alarming example of @cppinvestments indirectly pouring Canadians\u2019 pension savings into an oil &amp; gas expansion project that fuels the #climatecrisis and faces escalating regulatory, reputational, legal, transition, and financial risks,\u201d Shift\u00a0<a href=\"https:\/\/twitter.com\/ActionShift\/status\/1750950192000503934\">wrote<\/a>\u00a0Friday.\u201cIt also underscores a lack of transparency in Canada\u2019s pension sector, with our retirement savings being quietly funnelled into private equity funds with virtually no reporting from the CPPIB on how the money is eventually used for fossil fuel projects,\u201d Shift added. \u201cThe CPPIB claims that it\u2019s committed to climate action. But its continued investment in fossil fuel expansion projects is putting our shared climate and our pension savings at risk, while undermining the CPPIB\u2019s own #netzero emissions commitment.\u201d<\/p>\n<p>Shift Senior Manager Patrick DeRochie said the investment in Commonwealth LNG amounts to \u201cchump change\u201d compared to the size of CPPIB\u2019s fund. But it\u2019s still enough to produce an extra 50 megatonnes of greenhouse gas emissions.<\/p>\n<p>\u201cWith the amount of expertise they have, the sophistication with which they could assess climate risk, I don\u2019t get how no one at the fund is looking at this problem,\u201d he told\u00a0<em>The Energy Mix.\u00a0<\/em>CPPIB\u2019s \u201cfinance wizards are investing a $576-billion portfolio on behalf of more than 20 million Canadians, and there\u2019s no one there who thinks about how dumb and how risky it is to invest $100 million into dumping another 50 million tonnes of carbon pollution into the atmosphere.\u201d<\/p>\n<p>\u201cIt\u2019s gobsmacking,\u201d he added. \u201cIt makes me wonder what planet CPP investment managers live on.\u201d<\/p>\n<p>CPPIB\u2019s media office did not respond to an email requesting comment on the criteria it would apply to an investment like Commonwealth LNG, how it would weigh the climate risks involved, and whether its assessment of those risks is shifting as international agencies call for an end to new fossil fuel extraction projects. DeRochie said he couldn\u2019t comment on what they\u2019re thinking because they haven\u2019t been responding to his overtures, either.<\/p>\n<p>\u201cWe\u2019ve had very few conversations with CPPIB investment managers, despite numerous attempts to reach out to them,\u201d he said. \u201cThere hasn\u2019t been an open door.\u201d<\/p>\n<p>After seeing half of Canada\u00a0<a href=\"https:\/\/energymixweekender.substack.com\/p\/canada-burns?utm_source=%2Fsearch%2Fcanada%2520burns&amp;utm_medium=reader2\">on fire<\/a>\u00a0last year, whole cities\u00a0<a href=\"https:\/\/www.theenergymix.com\/nwt-and-b-c-wildfire-update-sunday-evening-august-20\/\">evacuated<\/a>, one town\u00a0<a href=\"https:\/\/www.theenergymix.com\/enterprise-nwt-burns-to-the-ground-as-wildfires-ravage-northern-communities\/\">burned to the ground<\/a>, and\u00a0<a href=\"https:\/\/www.theenergymix.com\/poverty-doubled-the-odds-of-dying-in-b-c-heat-dome-provincial-study-shows\/\">hundreds dead<\/a>\u00a0in heatwaves, DeRochie said CPPIB is funnelling its fossil investments through secretive\u00a0<a href=\"https:\/\/www.theenergymix.com\/eyes-wide-shut-private-investors-face-severe-risk-as-oil-and-gas-nears-peak-production\/\">private equity funds<\/a>\u00a0that make it very difficult to follow the dollars. \u201cWe essentially get no reporting from some pension funds in private equity, and it takes years of closely tracking where this money is going to have any idea of how it\u2019s eventually being used,\u201d he said. That amounts to a \u201cserious transparency problem\u201d that should have financial regulators like the\u00a0<a href=\"https:\/\/www.theenergymix.com\/prepare-for-the-worst-bank-regulator-says-but-not-on-climate-risk\/\">Office of the Superintendent of Financial Institutions<\/a>\u00a0paying attention.<\/p>\n<p>\u201cIt\u2019s going to take regulation to require them to align their climate and energy transition plans with what the\u00a0<a href=\"https:\/\/www.theenergymix.com\/shift-from-fossils-to-renewables-is-quickest-cheapest-path-to-cut-emissions-ipcc-report-shows\/\">Intergovernmental Panel on Climate Change<\/a>\u00a0and the\u00a0<a href=\"https:\/\/www.theenergymix.com\/its-the-end-of-oil-blockbuster-iea-report-urges-no-new-fossil-development\/\">International Energy Agency<\/a>\u00a0are saying is required to avert catastrophic climate change,\u201d DeRochie said. \u201cEvery dollar a pension fund puts into fossil fuel expansion is a dollar that\u2019s not being used to finance the energy transition that we so badly need,\u201d and works against a \u201cliveable future for their own members.\u201d<\/p>\n<p>In the wake of last week\u2019s White House decision, climate hawks have been\u00a0<a href=\"https:\/\/energymixweekender.substack.com\/p\/see-the-win-take-the-win\">declaring the win<\/a>, while Politico\u00a0<a href=\"https:\/\/www.politico.com\/newsletters\/power-switch\/2024\/01\/26\/biden-slams-brakes-on-gas-export-permits-now-what-00138058\">points out<\/a>\u00a0the extensive fracking and LNG export activity still going on in the U.S. Canadian oil and gas companies are \u201creacting with dismay\u201d to the news, The Canadian Press\u00a0<a href=\"https:\/\/www.theglobeandmail.com\/business\/industry-news\/energy-and-resources\/article-canadian-energy-producers-dismayed-by-bidens-move-to-pause-us-lng\/\">reports<\/a>, while repeating industry claims that gas is a less emissions-heavy replacement for coal\u2014a line that\u00a0<a href=\"https:\/\/www.theenergymix.com\/rising-u-s-emissions-show-poor-climate-return-on-coal-to-gas-conversions\/\">hasn\u2019t<\/a>\u00a0stood up\u00a0<a href=\"https:\/\/www.theenergymix.com\/gas-is-the-new-coal-with-no-role-on-path-to-1-5c-study-says\/\">well<\/a>\u00a0in several\u00a0<a href=\"https:\/\/www.theenergymix.com\/blue-hydrogen-emissions-are-higher-than-coal-leading-u-s-researcher-warns\/\">years<\/a>\u00a0of\u00a0<a href=\"https:\/\/www.theenergymix.com\/study-shows-governments-scientists-underestimating-fossils-methane-releases-by-25-40\/\">studies<\/a>.<\/p>\n<p>\u201cGiven the highly integrated nature of the North American energy market, CAPP is disappointed in the White House decision,\u201d Lisa Baiton, president and CEO of the Canadian Association of Petroleum Producers, told CP in an email Friday. Baiton is also a\u00a0<a href=\"https:\/\/www.newswire.ca\/news-releases\/capp-appoints-lisa-baiton-as-president-amp-chief-executive-officer-809123921.html\">former member<\/a>\u00a0of CPPIB\u2019s Global Leadership Team.<\/p>\n<p>\u201cOur immediate view is any delay in the development of U.S. liquefied natural gas is a loss for the U.S., our allies, for U.S. jobs, and for efforts to cut emissions around the world,\u201d added Enbridge Inc. spokesperson Gina Sutherland<\/p>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"climate-news-network\"><\/div>\n<div class=\"canadian-press\"><\/div>\n<div class=\"ccnow\"><\/div>\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\"><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>This article was published by The Energy Mix on Jan. 30, 2024. By Mitchell Beer The pension fund that manages retirement savings for more than 21 million Canadians allowed US$100 million of those funds to <a class=\"mh-excerpt-more\" href=\"https:\/\/energi.media\/news\/cppib-pours-100m-into-u-s-fracking-lng-as-biden-puts-industry-under-microscope\/\" title=\"CPPIB pours $100M into U.S. fracking, LNG, as Biden puts industry under microscope\">[Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":61900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[322,13,109,1376,80,14,95,1740],"class_list":{"0":"post-61899","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-climate-change","11":"tag-cpp","12":"tag-environment","13":"tag-featured","14":"tag-fossil-fuels","15":"tag-money"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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