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Archive for September 17th, 2020

Research finds pervasive lobbying against climate change regulation by Canada’s oil & gas industry

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SHARE’s analysis shows fossil fuel companies across the sector participated in lobbying activities out of alignment with Paris Agreement climate goals.

September 16, 2020 –  The latest research from SHARE finds Canadian oil and gas companies are continuing to lobby for weaker climate regulations in the interest of short-term profits, while providing inadequate disclosure to investors.

The report Climate Lobbying in the Canadian Energy Sector: Investor Benchmark of Oversight and Disclosure analyzed 22 companies listed in the S&P/TSX Capped Energy Index (TTEN) on their climate lobbying disclosure and found that all have participated in lobbying activities, while none have disclosed their overall spending.

Because investors cannot protect their portfolios from the systemic nature of the climate crisis, they must rely on effective climate policy and regulation to mitigate those risks across the economy,” said SHARE CEO Kevin Thomas.

Even after the Canadian government adopted the Paris Agreement in 2015, parts of the Canadian oil & gas industry have actively lobbied policymakers to block, delay and weaken federal and provincial attempts to transition towards a low-carbon economy. 

“A failure to reach the Paris Agreement’s climate goals will result in massive costs that will ultimately be borne by investors and society as a whole,” said Sarah Couturier-Tanoh, Senior Shareholder Engagement and Policy Analyst at SHARE. “The millions of dollars spent on lobbying have delayed or undermined climate regulation, even though many oil and gas firms have publicly stated their commitment to tackling climate issues.”

The report identifies opportunities for investors to improve their due diligence of corporate lobbying and to engage with investee companies. It also provides companies with a reporting framework and points to better industry practice in Canada to help them improve their climate lobbying disclosure over time.

Read the full report here: https://share.ca/wp-content/uploads/2020/09/SHARE_climate_lobbying_3-1.pdf

About SHARE (Shareholder Association for Research & Education)

SHARE mobilizes investor leadership for a sustainable, inclusive and productive economy. We do this by mobilizing our investor network and amplifying their voices in support of improved corporate sustainability practices and better rules and regulations that govern capital markets.

For more information on SHARE, visit: www.share.ca

The above is copied from a Press Release of unusually appropriate content. I am not sure I agree about being unable to protect your portfolio. Divestment from fossil fuel corporations seems a good place to start. Then looking for promising opportunities in renewables will probably enhance investment performance. Big fossil is not doing very well right now so it is both an ethical and profitable approach to dump your holdings in those 22 companies and get something better oriented to the future.

Written by Stephen Rees

September 17, 2020 at 11:06 am

Posted in Transportation

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