One of Canada’s largest pension fund’s continued and increasing investment in fossil fuels does not support the widely held goal of limiting global warming to 2°C above pre-industrial levels, says a new report by University of Victoria and University of British Columbia researchers affiliated with the Corporate Mapping Project, a six-year research and public engagement initiative.
One of Canada’s largest pension fund’s continued and increasing investment in fossil fuels does not support the widely held goal of limiting global warming to 2°C above pre-industrial levels, says a new report by University of Victoria and University of British Columbia researchers affiliated with the Corporate Mapping Project, a six-year research and public engagement initiative.
In the report, “Canada’s Fossil-Fuelled Pensions: the case of the British Columbia Investment Management Corporation,” UVic political ecologist James Rowe, UVic sociology graduate student Zoe Yunker and UBC geographer Jessica Dempsey examined the investment practices of BC Investment (BCI), the fourth largest pension fund manager in Canada.
“It is widely accepted that to avoid dangerous sea level rises, drought, extreme weather and species extinction, the Earth’s average temperature must not exceed 2°C above pre-industrial levels,” says Rowe. “Yet our findings indicate that by continuing to invest heavily in fossil fuels, BCI’s strategy does not reflect the urgency of the climate crisis and is avoiding the strong action needed to forestall 2°C warming.”
Continue reading at University of Victoria.
Image via University of Victoria.
