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Title: An Insecure Future: Canada's biggest public pensions are still banking on fossil fuels
Description: 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. The Canada Pension Plan has increased its shares in fossil fuel companies since Canada signed the Paris Agreement in 2016 and while the Quebec plan has slightly decreased its fossil fuel shares in the same period, it has over 52 per cent more fossil fuel shares than the Canada Pension Plan. The investment patterns of both plans do not reflect the urgent action needed to address the scale of the climate crisis. Both are heavily invested in member companies of the Canadian Association of Petroleum Producers, which has a history of obstructing the necessary transition away from fossil fuels required for Canada to meet the targets set out in the Paris Agreement. The authors question why the fund managers of these public pension plans are investing in companies that are actively derailing necessary climate action. The report includes recommendations for Canadian public pension fund trustees and investment boards and for the federal and provincial governments regarding how Canadians' pension funds should be invested.
Identifier: ccpa-bc_An-Insecure-Future_FINAL.pdf
Identifier (PID): yul:1156051

Title: Submission from the CCPA to Natural Resources Canada's consultation on a people-centred just transition
Description: Canada must wind down and ultimately phase out the vast majority of oil, gas and coal production in the next 30 years to meet our domestic and international climate goals, CCPA Senior Researcher Hadrian Mertins-Kirkwood writes in a submission to the federal government's consultation on just transition legislation. The regulatory phase-out of coal-powered electricity generation in Canada provides a very clear model for how this can and should be done, he writes. Once a clear deadline is set, firms and workers can begin to plan for the transition into new industries. In contrast, the absence of a clear end date for oil and gas production encourages firms and workers to continue to invest into what will inevitably become stranded assets and stranded careers. "There can be no just transition without a transition," Mertins-Kirkwood writes.
Identifier: SubmissiontoNRCconsultation.pdf
Identifier (PID): yul:1156036

Title: Fossilized Finance: How Canada's banks enable oil and gas production
Description: 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. These banks are perhaps the most powerful corporate entities in Canada, certainly among the largest and most profitable. They could be playing a crucial role to help Canada achieve its Paris Agreement commitments to reduce greenhouse gas emissions to 30 per cent below 2005 levels by 2030. The banking sectors in many other countries have committed to helping the world meet the goals of the Paris Agreement on climate change, but the big Canadian banks did not join in. This report explains why: Canada's big banks continue to rely on profits from financing the fossil fuel industry despite the danger those investments pose for the future of our planet.
Identifier: ccpa-bc_Fossilized-Finance.pdf
Identifier (PID): yul:1156034

Title: Canada's Energy Sector: Status, evolution, revenue, employment, production forecasts, emissions and implications for emissions reduction
Description: 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. The report finds the oil and gas sector alone will cause Canada to fail to meet its Paris Agreement target of a 40 per cent reduction by 2030, set by Prime Minister Trudeau at President Biden's recent climate summit Hughes finds the sector will also cause Canada to miss its "net zero" target by 2050 as laid out in Bill C-12. It details how the sector no longer contributes like it once did to government revenues in Canada, and jobs in the sector are down by more than 50,000 from their 2014 peak and are unlikely to return—even with production at record highs. The report concludes that continuing on the country's current path for the oil and gas sector makes meeting Canada's emissions-reduction targets impossible. It recommends a stark change in direction to meet the targets, including a rethink of oil and gas exports and the development of a plan for the future that includes a just transition for workers. It also finds that planned expansions of the TMX and Line 3 pipelines are not needed because Canada already has enough pipeline capacity to transport the amount of oil the Canada Energy Regulator is projecting for export through 2050.
Identifier: REPORT_ccpa-bc-cmp_canadas-energy-sector.pdf
Identifier (PID): yul:1156033

Title: Making Kyoto work: A transition strategy for Canadian energy workers
Description: Making Kyoto Work: A Transition Strategy for Canadian Energy Workers finds that there are tremendous economic opportunities in becoming more energy efficient and developing new technologies--in alternative fuels, fuel-efficient vehicles, and in wind, geothermal, and tidal power. The study develops a transition strategy that allows Canada to meet its Kyoto Protocol commitments and at the same time provide transition support and employment for energy workers who lose their jobs. Dale Marshall, a resource policy analyst with the BC office of the CCPA and author of the study, estimates that 12,800 Canadian energy workers will lose their jobs over the next 10 years if Canada acts upon its Kyoto commitments, but over the same period, 16,000 new energy jobs will be created. Marshall says that "new jobs won't necessarily require the same skills or be in the same region, which is why we need a strategy to help workers with transition."
Identifier: making_kyoto_work.pdf
Identifier (PID): yul:1156019