Two of Canada’s biggest public pension plans could lead the way toward a global transition to a greener, more sustainable economy, but their commitments to climate action may be more talk than walk. The Canada Pension Plan and the Caisse de dépôt et placement du Québec say they are serious about tackling climate change, however, they continue to bank on fossil fuels, this Corporate Mapping Project report shows.
From unprecedented droughts to deadly heat waves, climate change is making the present—and all of our futures—less secure. The dream of a tranquil retirement is already being interrupted by nightmares such as the wildfires raging across BC and Alberta this summer.
VANCOUVER — The world’s leading authority on climate change says we are headed for catastrophe unless emissions are slashed quickly. Yet, two of Canada’s biggest public pension plans are still banking on fossil fuels, a new Corporate Mapping Project report shows.
Reducing emissions to zero is a clear concept, but “net zero” muddies the waters in that some greenhouse gas or carbon emissions are permitted as long as they are balanced by “negative emissions” or carbon removals through nature or engineered solutions.
VANCOUVER - Increasingly, government and industry talk about “net zero” when it comes to emissions reduction targets. But what does this really mean?
Since the first oil well was drilled in 1859 humans have been on a roll. Global population has increased more than six-fold and energy use per capita has grown more than nine-fold. Accompanying this explosive growth in energy use was unprecedented economic expansion— since 1965 global GDP has grown 6.8-fold and per capita GDP has increased 2.9 times adjusted for inflation. Unfortunately, there is no free lunch.
This report by veteran earth scientist David Hughes analyzes the state of the oil and gas sector in Canada and finds that while production is increasing, jobs and revenues paid to government are decreasing.
VANCOUVER – Un changement de cap majeur s’impose si le Canada veut atteindre ses objectifs en matière de réduction des émissions de gaz à effet de serre, selon un nouveau rapport du géologue d’expérience David Hughes. À l’approche du Sommet du G7 qui se tiendra à la fin du mois, le Canada et les États-Unis sont les seuls pays du G7 qui n’ont pas réduit leurs émissions depuis la signature de l’Accord de Paris en 2016. En fait, le Canada a enregistré sa plus forte augmentation d’émissions pendant cette période.
VANCOUVER - A stark change in direction is needed if Canada is to meet its emissions-reduction targets, says a new report by veteran earth scientist David Hughes. Going into the G7 Summit later this month, Canada and the US are the only G7 countries that have not reduced emissions since signing the 2016 Paris Accord. In fact, Canada has shown the greatest emissions increase during this time.
Despite Canada’s climate change commitments, the country’s “big five” banks continue to finance and support the expansion of fossil fuel industries. In fact, the extent of the banks’ support since the oil price collapse in 2014 shows that this backing hinders Canada’s progress on reducing emissions.