In the midst of another Vancouver heat wave, a new report has called on public pension-fund managers to do more to "lead the way toward a global transition to a greener, more sustainable economy".
In the 36-page report, the Canadian Centre for Policy Alternatives pointed out that the Canada Pension Plan Investment Board actually increased the number of shares in fossil-fuel companies by 7.7 between 2016 and 2020.
The report also analyzed the Caisse de dépôt et placement du Québec (CDPQ), which is the second-largest public pension plan. It reduced its fossil-fuel-company shares by 14 percent over the same period, according to data from Bloomberg Terminal.
The researchers didn't look at B.C. Investment Management Corporation, which oversees $200 billion on behalf of public-sector workers. That's because disclosure practices of all public pension plans are limited. And Bloomberg Terminal doesn't supply information for this and other public-sector pension funds in Canada.
The report calls on the federal and provincial governments to provide "regulatory clarity to ensure that executing fiduciary duty means avoiding short-term economic gains that imperil long-term climate security for Canadians and the global community".
In addition, it wants the federal and provincial governments to require pension funds "to discose the names and dollar amounts of all holdings across asset classes, and where possible, total the emissions of investments in the fossil fuel sector so that beneficiaries and citizens can know the impact of their investments in fossil fuels and high-carbon industries".
Moreover, the report demands that the governments mandate a timeline for public pension fund managers "to withdraw from all fossil fuel investments".