CAPP Statement: Caisse de Dépôt et Placement du Quebec’s decision to divest from oil producing companies by end of 2022
September 28, 2021, Calgary, Alberta
Today, natural gas and oil demand is rapidly rising and is expected to reach record levels within the next year and stay there for decades to come. The consequences of discouraging investment in responsible natural gas and oil development are being felt right now as Europe grapples with an energy crisis and the United States is experiencing rising gasoline prices, threatening their recoveries. At the same time we are seeing significant investments for growth in oil and natural gas development in countries like Iraq, where Total has committed $27 billion, and Russia where Rosneft is planning to invest $127 billion to help meet global demand. Decisions like the one made by CDPQ do nothing to impact global demand for oil and natural gas but only serve to drive investment away from responsible energy developing nations like Canada. This reduces jobs and opportunities for Canadians while enriching other countries that do not share Canada’s environmental or human rights standards. Canadian energy is better for Canadians and better for the world. We would encourage organizations to view Canadian natural gas and oil as a responsible and sustainable investment option.
-Tim McMillan, President and CEO, CAPP