Watchdog group Shift Action says the BC Investment Management Corp. lacks clear climate change goals for its investments Squamish elementary teacher Kim Benson is among a group of teachers pushing the BC Teachers’ Federation to divest from fossil fuel companies. A new “climate action plan” from the manager of B.C.’s $211 billion portfolio of public sector pension and insurance fund investments has received a failing grade from an environmental watchdog group. The group, Shift Action for Pension Wealth and Planet Health, says the BC Investment Management Corp. (BCI), which is partly managed by oil and gas company directors, is offering a “weak attempt at a credible climate strategy” by continuing to invest in new oil, gas and coal projects while not committing to net-zero emissions by 2050 or sooner, unlike other Canadian pension funds. The corporation manages pensions for teachers, nurses, municipal employees, BC Government employees and most college and university staff, amounting to $164 billion. It also manages $43 billion of insurance funds for credit union deposits, ICBC and WorkSafeBC. Over $4 billion of public trusts and endowments round out the portfolio. While the portfolio is expansive and diversified, Shift Action argues BCI still has billions of dollars […]
CamTrader offers a preview only. View original article. www.richmond-news.com
