The Financial Post reports in its Tuesday edition that Canada's national pension fund manager is among a group of Canadian companies that are undermining Ottawa's international anti-coal alliance by investing in new coal power plants overseas, a green group says.
A Canadian Press dispatch to the Post says that Friends of the Earth Canada joined with Germany's Urgewald to release a report looking at the top 100 private investors putting money down to expand coal-fired electricity.
The report lists six Canadian financial companies among the top 100 investors in new coal plants in the world. Together, Sun Life, Power Corp., Quebec's Caisse, Royal Bank of Canada, Manulife and the Canada Pension Plan Investment Board have pledged $2.9-billion toward building new coal plants overseas.
Urgewald tracks coal plants around the world and reports that there are 1,600 new plants in development in 62 nations, more than a dozen of which do not have any coal-fired plants now.
While Environment Minister Catherine McKenna is claiming to be a global leader on phasing out the dirtiest of electricity sources, private investors are "undermining that commitment," says Friends of the Earth senior policy adviser John Bennett.
© 2019 Canjex Publishing Ltd. All rights reserved.