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Make HOOPP's Climate Investments Count
HOOPP has promised to invest $23 billion in climate solutions by 2030. That’s good news for your pension and the planet.
HOOPP’s billions must be invested in profitable, proven climate solutions like renewable energy, energy storage and grid electrification-- and not invested in propping up the dying fossil fuel industry through expensive, ineffective, unproven distractions like carbon capture and storage, fossil-fueled hydrogen and carbon offsets.
Tell HOOPP to make its climate investments count!
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More information:
HOOPP has committed to invest $23 billion in climate solutions by 2030, using the Climate Bonds Taxonomy to establish the criteria for its investments. As of December 31, 2023, HOOPP reported $10 billion invested toward this goal.
Health sector workers in Ontario are pleased to see HOOPP’s progress, but want to make sure their pension fund’s future investments don’t include dangerous distractions or false climate solutions that won’t help protect their pension and the planet.
Carbon capture and storage technology has a track record of going over budget, under-delivering on results and providing cover for the oil and gas industry to keep polluting. See, for example, Carbon Capture and Storage: An unproven technology that cannot meet planetary CO2 mitigation needs by the Institute for Energy Economics and Financial Analysis. The authoritative International Energy Agency says “excessive expectations and reliance on carbon capture utilization and storage” is not a way to retain the status quo and would require an inconceivable amount of energy and money, while crowding out the deployment of more effective climate solutions.
Hydrogen is energy-intensive to produce, dangerous and expensive to transport, and is not a solution for use in home heating and/or as blended into fossil gas networks. See, for example, Gas companies tell us mixing gas and hydrogen is a climate solution. New research shows it's not from Canada’s National Observer, and the UK’s National Infrastructure Commission’s report on hydrogen heating.
The carbon offset market has not demonstrated that offsets result in permanent and additional removals of carbon emissions. In the majority of cases, carbon offsets have been revealed to be merely greenwashing that allow for continued carbon pollution. Offsets also exacerbate violations of Indigenous rights and problems with land use, food security and biodiversity. See, for example, Revealed: more than 90% of rainforest carbon offsets by biggest certifier are worthless, analysis shows from The Guardian, and In-depth Q&A: Can ‘carbon offsets’ help to tackle climate change? from Carbon Brief.
Join fellow Ontario health workers and tell HOOPP to make its climate investments count!
This action is hosted by Shift: Action for Pension Wealth and Planet Health. Learn more about Shift.