Teine Energy’s Role in the Oil and Gas Industry
Teine Energy, a Calgary-based oil and gas company, is a major player in the energy sector, producing the equivalent of 46,000 barrels of oil per day. The company is also working with the Saskatchewan government to create an oil and gas curriculum aimed at high school students. This initiative is designed to teach students about the industry and offer them work placements, fostering a future workforce for the energy sector.
Chambers’ Involvement with CPPIB
Chambers, a key figure in the energy sector, also holds a position with the Canada Pension Plan Investment Board (CPPIB). He manages energy investments across North America, and CPPIB has committed to achieving net-zero greenhouse gas emissions by 2050. However, this dual role raises concerns, as Chambers is involved in a company (Teine Energy) that operates in the fossil fuel industry, which contradicts the net-zero goals of CPPIB.
Shift: Action for Pension Wealth and Climate Health Raises Concerns
Patrick DeRochie, from Shift: Action for Pension Wealth and Climate Health, has raised alarms about this apparent conflict of interest. He argues that it’s problematic for a director to have legal obligations to entities that are fundamentally at odds with each other—one being involved in high-emissions industries, and the other in charge of protecting long-term retirement security through sustainable investments.
CPPIB’s Fossil Fuel Investments Under Scrutiny
Shift’s analysis reveals that CPPIB is heavily invested in fossil fuels globally, with interests in oil and gas companies, fracking companies, and gas pipeline and distribution assets. Chambers has been linked to CPPIB’s investments in several energy companies, such as Nephin Energy, Black Swan Energy, and Crestone Peak Resources. Despite the pension fund’s claims of pursuing a net-zero future, DeRochie argues that their investments in fossil fuels contradict this objective.
CPPIB’s Position on Energy Investments
CPPIB defends its strategy, arguing that divesting from fossil fuels could limit its ability to influence energy transition. The board asserts that it invests in both “green” assets, which derive 95% of their revenue from renewable energy, and “transition” assets, which are high-emission industries with decarbonization plans. While CPPIB continues to fund renewable energy and electric vehicle initiatives, it still holds significant investments in fossil fuel assets, raising questions about the effectiveness of its transition strategy.
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The Path Forward: Is CPPIB Aligning with the Paris Agreement?
DeRochie argues that the oil and gas sector does not have credible transition plans that align with the goals of the Paris Agreement, which aims to limit global warming to 1.5°C. He stresses that true alignment with the agreement would require oil companies to phase out fossil fuel production—a shift that is currently absent from major players in the industry.
As Canada’s largest public pension plan continues to invest in fossil fuels, the tension between its climate goals and investment strategy remains a key point of contention. Critics like Shift are calling for more transparency and action to ensure that CPPIB’s investments are consistent with the urgent need to address climate change
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