The British Columbia Investment Management Corporation is the steward of BC’s public pensions, but bankrolls companies whose current business models exceed the climate change targets agreed to in the Paris Agreement to which Canada is a signatory.
This report shows that the Corporation’s claims of responsible investment are more talk than walk, as its actions are not sufficient considering the risks posed by climate change to its portfolios, its beneficiaries or the broader society. Since the Corporation’s duty is to act in the best financial interests of plan members, its carbon-heavy holdings mean it may be breaching its statutory duty of prudence.
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This study is part of the Corporate Mapping Project (CMP), a research and public engagement initiative investigating the power of the fossil fuel industry. The CMP is jointly led by the University of Victoria, Canadian Centre for Policy Alternatives and the Parkland Institute. This research was supported by the Social Science and Humanities Research Council of Canada (SSHRC).