Canada's Pension Fund Said "Nah" to Saving the Planet 🌍💸

The Deets

Okay, so listen up, fam. Canada's main pension fund, like, the one that's supposed to be making sure we can all retire someday, just pulled a major uno reverse card. They were all about hitting net-zero emissions by 2050 to save the planet, right? Wrong! They're straight up ditching that goal.

Why tho? Apparently, they're saying it's 'cause some new rules make it harder to make eco-friendly claims. They don't want to deal with the drama of aligning with certain milestones, and they def don't wanna get caught up in court over investment decisions. Basically, they're saying it's too much of a headache.

But here's the tea: people are not vibing with this. Some folks are calling them out, saying they're ignoring the major financial risks that climate change is gonna bring. Like, hello? The world is literally burning, and they're worried about some legal mumbo jumbo?

And it gets worse! Apparently, other big Canadian banks, like Royal Bank of Canada, are also backtracking on their promises. It's like they're all saying, "Sorry, Earth, we're just not that into you anymore." But some other pension funds are stepping up their game and doing better.

The pension fund is trying to flex, saying they're making bank and that their investments are doing great. Plus, they're saying they'll still be around until at least 2100! But experts are saying that if we don't ditch fossil fuels, our investments could take a major hit. It's like, short-term gains for long-term pain, am I right?

The carbon emissions from their investments haven't gotten worse this last year, but that’s not the full picture 'cause it doesn't account for some major contributors to climate change. Some studies are saying that Canadian pension funds could see their investment returns decline by a significant percentage by the late 2030s because of climate change.