IF NORWAY CAN DIVEST FROM COAL ASSETS, WHEN WILL THE CANADA PENSION PLAN RECOGNIZE THE RISKS?

According to the New York Times   (June 5) “ Norway’s $890 billion government pension fund, considered the largest sovereign wealth fund in the world, will sell off many of its investments related to coal, making it the biggest institution yet to join a growing international movement to abandon at least some fossil fuel stocks.”   Yet a June 15th Special Report in The Guardian, “ Coal Crash: How Pension Funds Face Huge Risk from Climate Change ”  highlights the coal assets held by the public pension funds of South Africa, Netherlands, U.S. teachers, and Canada, and estimates that Canada’s Pension Plan Investment Fund holds $590m in coal-related investments. The report includes private asset management companies as well, with BlackRock as the clear leader with $24.5billion in coal. The June 14th article in the Globe and Mail, “Campaigns to Divest from Fossil-Fuel Holdings Gain Steam”  describes divestment by Canadian universities and the United Church of Canada, but makes no mention of pension funds. Helpful reading on the growing trend away from coal: Chapter 3, “Closing the Coal Plants”   in The Great Transition: Shifting from Fossil Fuels to Solar and Wind Energy  from the Earth Policy Institute ; a series by Inside Climate News “Coal’s Long Goodbye: Dispatches from the War on Carbon”, and “Big Oil takes on King Coal: The Climate Fight Shifts Gears” , a May 28 article from the National Observer in Vancouver, which argues that the petroleum industry will abandon its partner, coal, in the fight for its share of the world’s carbon budget.

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