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What is CPP Investments’ climate strategy?

Posted By: Friends of the Earth Canada Comments Off on What is CPP Investments’ climate strategy?

The calendar has rolled past another two years to October when CPP Investments gives us 10 days’ notice for the meetings they’re required to hold with their stakeholders (that’s anyone over 18 who invests through their CPP deductions or beneficiaries drawing their pensions).

Is it a sign of their arrogance that they publish their 60 page 2022 Report on Sustainable Investing just five days before their meetings start?

Friends of the Earth is offering some key questions for your consideration should you be able to partake of these provincial one-hour sessions or tune into the virtual national event with the top folks on November 1. If you don’t have time to go in person to the meetings or attend virtually, you can send in your questions.  For schedule of CPP Investments meetings, click here.

Suggested questions to ask the CPP Investments Board

What is CPP Investments’ climate strategy?

How does it align with your recent purchase of Alberta assets in oil and gas from Spanish Oil giant Repsol for $400 million?

I understand Repsol will be using our pension money to fund its move out of fossil fuels and into renewables. What did the ESG (environment, social and governance) assessment of Respol’s holdings report in terms of climate risk you acquired along with the assets? Where can I read the ESG report on this purchase?

CPP Investments CEO John Graham has been quoted in media saying you will continue investing in high carbon industries and that you will help them transition. Why should our pension funds be used to pay polluting industries to stop polluting? Looking at your recent $400 million purchase of Respol’s oil and gas assets in Alberta, explain how you will help your new Alberta holdings to reduce emissions?

Where do I find a comprehensive list of the fossil fuel assets in CPP Investments’ portfolio?

Earlier this year, CPP Investments announced its commitment to Net Zero by 2050. Today, I want to know when you will conduct a climate risk stress test, so we know how all our CPP investments are exposed to climate risk? This is likely to become a requirement by the Superintendent of Financial Institutions for all banks and pension funds. As Canada’s largest pension fund why aren’t you setting the pace by doing this climate risk stress test now?

How much of our investment are you spending on fake solutions with your partnership with Conservation International and its carbon credits (offsets) program as reported in your recent Sustainable Investing Report? (Note: you might want to watch Last Week Tonight with John Oliver on YouTube with his take on carbon offsets. Warning – profanity involved

Seriously, we hope this year’s meetings will be better than the last several we attended. There must be a better way to hold CPP Investments to account than their slick dog and pony shows every two years.  At the last one we attended in person, one of their senior PR staff complained about how much it costs to put on these sessions including coffee, tea, and cookies for those of us who ventured out.

Friends of the Earth would really like to hear from anyone who attends one of the meetings or sends in questions. Are you satisfied with your experience in CPP Investments accountability sessions? (After all, it’s your investment not a tax deduction on each pay stub.)

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