Binational Partnership Calls on Pension Funds to Divest from Colorado Oil & Gas Holdings

A new analysis released today by the Canada Climate Law Initiative shows that the Canada Pension Plan’s private investments in high-carbon assets are inconsistent with Canadian or global climate targets, posing a material financial risk to our national pension savings and undermining the CPP’s mandate to invest in the best interest of Canadians. 

CPP wholly owns 95% of a Denver-based fracking company called Crestone Peak Resources that it established in 2016. Crestone’s board and executive management team is composed of several current and former CPPIB fund managers. But Crestone’s fracking operations are plagued by controversy in Colorado, as the company tried to drill fracking wells less than half a mile from schools, homes and playgrounds, generating thousands of complaints to Colorado’s oil and gas regulator about poor air quality, toxic fumes, poisonous gas leaks, earthquakes, explosions, health problems and illnesses. Faced with the potential of a statewide fracking moratorium, Crestone responded by donating over US$600,000 to support pro-fracking candidates and interest groups in Colorado’s 2018 state elections.

Read coverage in Boulder Weekly here:  An excerpt from the article is shown below.