AIMCo, one of Canada’s largest pension fund managers, quietly started the paperwork to buy a 65% equity interest share of the Coastal GasLink pipeline.
This is the same pipeline that Wet'suwet'en hereditary chiefs have bravely and peacefully resisted for years. The same pipeline that led people across Canada to blockade rail, truck and ferry traffic in solidarity with land defenders on the frontlines earlier this year.
If built, the Coastal GasLink pipeline would bring us one step closer to climate collapse. Canadians’ retirement savings need to fund a renewable path, not the rapidly depleting LNG industry that is going to contribute to our warming planet.
Will you add your name to the petition calling on AIMCo to drop its risky investment in Coastal GasLink pipeline before the deal is finalized?
AIMCo is massive -- it manages 30 pension funds worth over 100 billion dollars. And it’s getting bigger -- AIMCo will soon manage the 18 billion dollar Alberta Teachers' Retirement Fund.
It was in the news last month when it lost 4 billion dollars of Canadian retirement savings, due to its risky investment decisions -- a far greater portion compared to other funds of its size.
There is no riskier investment than the Coastal GasLink pipeline. The pipeline risks the Wet’suwet’en communities’ health, safety, and way of life. It is also a huge environmental liability, as the oil and gas sector has been the largest industrial contributor to methane emissions in Canada. Finally, the investment is financially risky because natural gas prices are at an all time low and and also, the pipeline will never make a dollar because the leadership of Wet'suwet'en Land Defenders will stop it from being built.
Join the fight with Wet'suwet'en leaders by calling on AIMCo to pull out of the investment to buy Coastal GasLink pipeline.
When SumOfUs members like you have spoken up, we have stopped Canadian retirement savings from being invested in destructive and unethical projects. Together, we pushed the Canada Pension Plan (CPP) to divest in prison corporations profiting from Trump’s disgusting border policies, and we pushed the Quebec Provincial pension fund (CDPQ) to divest from the company that is most responsible for the Amazon fires – all in the last year and a half.
And we can make sure Canadian pension funds are not funding this pipeline, but we need you to act fast as the AIMCo deal could be finalized as early as this week.
Photo credit: Amber Bracken
Globe and Mail. 21 April 2020.
CBC. 26 December 2019.