BCI: Divest From Fossil Fuels Now
The British Columbia Investment Management Investment Corporation (BCI) invests most BC public sector pension funds – in total about $153 billion. Like any fund its fiduciary responsibility (i.e. getting the best return possible, taking risk into account) is its most important contract with its clients, and outweighs all other considerations.
By continuing to hold fossil fuel stocks BCI is likely not meeting its fiduciary responsibility. And there’s also plenty of evidence to show that it’s quite easy to divest from fossil fuels, in fact a pension fund in the Netherlands did it in six weeks. And continued investment in oil, gas and coal is fueling the climate crisis, which is only going to lead to more heat domes, floods, forest fires, and threatens our long-term future.