I’m waiting for an explosion to occur at the Canada Pension Plan Investment Board. This organization has assets of $287-billion and provides pensions for the 19-million Canadians who pay into it.
The Investment Board is dangerously gambling and putting our future in danger by investing billions-of-dollars in risky fossil fuel companies. Moreover, the Board is knee deep in unethical investments in the coal industry.
|Coal sludge from a North Carolina site mined by Duke Energy.|
The collapse of a huge cooling pond dam at a coal mine in North Carolina during Hurricane Matthew last month didn’t cause a stir in Canada, but it should have. The facility in question is owned by Duke Energy – perhaps the most vilified energy company in the United States – and the Pension Fund Investment Board is heavily invested in Duke.
Earlier, a Duke pond leaked dirty effluent into a North Carolina river. The company paid a $102-million fine continues to face numerous law suits while it is involved in a $3-billion clean-up. The loss had an impact on the Canadian investments.