Tell your pension fund to vote for climate transparency from Enbridge on May 8th
Pension funds claim to "engage" with companies like Enbridge to better disclose and manage climate-related risks. But Enbridge has not yet disclosed all of its scope 3 emissions—the huge amount of carbon pollution from burning the oil and gas that travel through Enbridge’s pipelines every day.
Without this information, your pension fund can’t fully understand the risk of investing in a company whose business model depends on expanding and prolonging the use of oil and gas and the growing greenhouse gas emissions and climate impacts that come with it.
Help your pension fund understand the risk of staying invested in Enbridge.
Tell your pension fund to vote at Enbridge's May 8th Annual General Meeting for the company to disclose all of its scope 3 emissions.
More Information
As the climate crisis worsens with every shipment of oil and gas through Enbridge's pipelines, it's time for pension funds to understand the risks of investing in this climate polluter.
On May 8th, Enbridge is holding its Annual General Meeting (AGM)-- where the shareholders and executives of Canada’s largest fossil fuel pipeline company will gather to make key decisions about the coming year. Canada’s big public pension plans own a combined $822 million in shares in Enbridge.
Enbridge's business model depends on the continued extraction, refining, transportation and burning of fossil fuels. The company does not have a credible or profitable pathway to decarbonize its pipeline business other than a managed phase-out. This presents significant long-term financial risks for investors.
But pension funds seem to believe they can manage this risk by “engaging” with Enbridge. Pension funds that claim to be engaging with companies to better disclose and manage climate-related risks should at minimum be requiring Enbridge to accurately disclose its emissions. An honest accounting would include all scope 3 emissions—the huge amount of carbon pollution from burning the oil and gas that travel through Enbridge’s pipelines every day.
This year’s Enbridge AGM is a clear opportunity for our pension funds to deliver on their promise to engage Enbridge and make the company explain if it can profitably align with a safe climate– which is necessary to protect our retirement security.
Enbridge talks a lot about its commitment to net-zero. That’s why investors are demanding more information at this year’s AGM and asking Enbridge to annually disclose its scope 3 emissions (including the emissions from burning the oil and gas transported by its pipelines) using internationally-accepted definitions. Currently the company only partially discloses its emissions, masking their scale and growth while hiding the risk of its assets becoming stranded.
We need Canadian pension funds to join them. Pension funds must ensure companies they own are working to solve the climate crisis, not make it worse. Enrbidge's inadequate emissions disclosure downplays the extent to which its business model depends on the continued production and use of fossil fuels and the growth of greenhouse gas emissions. It also downplays the urgent action required to avoid catastrophic climate change, putting our collective future and our pension savings at risk.
Our pension funds claim to care about investing our retirement savings in a safe climate future. They claim that their ownership of shares in companies like Enbridge enables them to manage climate risks, reduce carbon emissions and improve corporate behaviour. And they claim to use voting at AGMs as a way to encourage companies to take action on the climate crisis. It’s time to test that claim.
The Enbridge AGM on May 8th is an ideal opportunity for our pension funds to demonstrate their climate expectations and follow-through in trying to influence companies they own.
Send a letter to your pension fund managers telling them to vote for climate transparency at Enbridge’s AGM.
This campaign is hosted by Shift: Action for Pension Wealth and Planet Health. Learn more at shiftaction.ca.