Oct 13, 2017
Last year, most of the world agreed on the Paris climate accord to limit carbon emissions to 2 degrees of global temperature increase. At the same time, little concrete policy has been undertaken here in Canada, and in some cases, we are losing momentum. As the government of Quebec opens up the province’s rivers and lakes to oil and gas exploration, and the Caisse de dépôt et placement du Québec (a major institutional investor that holds almost 300 billion dollars in assets and manages multiple pensions) has recently increased its investments in coal, petroleum, and gas to more than 16 billion dollars, we cannot stand idly by and wait.
Unfortunately, major institutional investors like the Caisse play a powerful role in encouraging the viability of a fossil-powered business model. Yet, the fossil economy is not only becoming rapidly obsolete, it is grossly unjust to the communities whose lands are sacrificed and to future generations whose lives are compromised for short-term financial gains. The irony is that while all Quebeckers supposedly benefit from the Caisse’s carbon investments through our pensions, that money is simultaneously driving the degradation of our climate, our planet, and some of the most vulnerable people.
To put a human face on the more than 16 billion dollars of Caisse investments in the fossil fuel industry, Climate Justice Montreal is inviting two indigenous land defenders to Montreal with concrete experiences speaking out and taking direct action against fossil fuel extraction in native lands.
Madonna Bernard was leading at the frontlines in resistance against natural gas extraction by AltonGas. The company, a subsidiary of AltaGas in which the Caisse has 53 million dollars invested, had planned to release salt brine--a by-product of natural gas extraction--into the nearby Shubenacadie River that has been an important source of sustenance and cultural pride for the Mi’kmaq people for thousands of years.
Freddy Stoneypoint of Sagamok Anishinawbek First Nation is a Carleton University student and indigenous rights activist. Along with the Bawating water protectors (of Sault-Sainte Marie), Idle No More, and Defenders of the Land, Freddy helped organize Unsettle Canada’s 150 in Ottawa this past July. Also, Freddy was arrested in August while participating in a direct action camp (“camp de la rivière York”) to block the Quebec-based company Junex from accessing their fracking drill pads. The Caisse has more than 5 million invested in Junex, and the crown corporation Investissement Quebec has invested more than 20 million dollars. Freddy will speak about his recent engagements as land defender and water protector.
In the face of the unrefutable scientific claims and the experience of frontline communities regarding the critical situation facing our climate, institutional investors like the Caisse are slowly re-considering the place of fossil fuels in their portfolio. That said, they are slow to take action and need some encouragement. For that reason, Climate Justice Montreal and its allies demand that the Caisse de dépôt et placement du Québec:
1. Withdraw all their investments in fossil fuel companies (companies that are primarily
involved in the extraction or sale or transport of fossil fuels) within three years.
2. Immediately refuse to fund any further fossil fuel infrastructure.
3. Affirm the sovereignty of indigenous nations and their rights to control (and refuse)
resource development on their territory, and to not invest in companies that are infringing
on those rights.
The Get Off My Caisse panel is an opportunity to further the coalition-led campaign Sortons la Caisse that was launched in September to pressure the Caisse to divest from their fossil fuel investments. Divestment is a strategic way to weaken the fossil fuel industry and pressure institutions to fund renewable, community-driven energy projects that do not degrade our atmosphere and living systems. The divestment movement started by students is growing far beyond the university. Putting pressure on the CDPQ to divest amplifies the signal to other investors that our economy must find a way to balance making useful stuff, feeding people, and protecting our planet. All people with pension plans and insurance policies have reason to relate to this campaign. We may all wish to enjoy our retirement with a minimum of comfort, but if that is to come at the expense of a livable climate, healthy plants and animals, and the security and rights of First Nations people, how can we sleep when justice is not being served?
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