The Canada Pension Plan Investment Board owns $141 million worth of shares in coal mines and coal power plants in China, according to records found by Blacklock’s Reporter.
Documents show that the Canadian Pension Plan (CPP) Investment Board, an agency of the federal government, owns shares in 21 publicly traded Chinese coal firms. In 2018, the government announced its plans on phasing out coal power in Canada by 2030.
“We need to phase out coal. In fact, the whole world needs to phase out coal because right now we have a challenge that is called climate change, and coal is the most polluting,” former Environment Minister Catherine McKenna said in the House of Commons in 2018.
The CPP Investment Board did not provide comment when asked to by Blacklock’s Reporter yesterday.
Canada produced over 62 million tonnes of coal in the past decade, half of which is suitable for electricity generation and the other half for steel production.
Alberta and British Columbia produce 85% of all coal in Canada. Saskatchewan and Nova Scotia produce 14% and 1% respectively.
In 2016, the Trudeau government announced plans to phase out coal-powered electricity plants in Canada by 2030. Environment Minister Catherine McKenna said her government will be encouraging other countries to phase out coal as well.
“We need the world to get off coal,” she said.
“We are working with countries across the world to show them they can get off coal and support workers and communities.”
China consumes more coal than any other country, followed distantly by the United States and India, meanwhile Canada ranks 21 in global coal consumption.
When asked about coal investments in May by the finance committee, Pension Plan Investment Board CEO Mark Machin said all investments take climate change into account.