Municipal Pension Retirees Association Calls on BC Municipal Pension Plan to Phase Out Fossil Fuel Investments
In the spring, the Municipal Pension Retirees Association (MPRA) made it clear they want their public pension fund invested in a way that protects both their retirement savings and the planet. The MPRA passed a resolution calling for the British Columbia Investment Management Corporation (BCI) to discontinue support of fossil fuel corporations and other contributors to climate change. The resolution also stated that the MPRA will continue to expect comprehensive disclosures from BCI with respect to its investment portfolio.
The resolution passed by the Municipal Pension Retirees Association on May 7, 2025.
"As retirees who've dedicated our careers to public service, we have a responsibility to ensure our pension investments align with the world we want future generations to inherit," said Penny Oyama, MPRA District 2 Burnaby executive and a retired operating room nurse and grandmother. "We're calling for a clear divestment strategy that protects our financial security while addressing the urgent climate crisis we face."
The BC Municipal Pension Plan (BCMPP, or the Plan) has $77 billion in assets, which are managed by BCI. With over 445,000 members from various sectors including health, municipalities and school districts, the Plan has set a net-zero by 2050 target and an interim target to decrease its emissions intensity by 55% by 2030. However, the BCMPP's investment manager, BCI, continues to invest the BCMPP’s assets in companies that are expanding oil and gas production and building new fossil fuel infrastructure.
The BCMPP Invests Billions in Fossil Fuels
Despite the BCMPP's net-zero commitment, BCI continues to invest billions of dollars from the Plan in oil, gas, coal, and pipeline companies that are fueling the climate crisis. While the BCMPP and BCI do not release an itemized list of the Plan’s fossil fuel assets and their valuation, Shift conservatively estimates that BCI holds approximately $9 billion in fossil fuel assets. This means that the BCMPP's fossil fuel investments are roughly $2.8 billion.
"The evidence is increasingly clear that pension funds around the world are recognizing the financial prudence of moving away from fossil fuel investments," said Caroline Murphy, an MPRA member, retired nurse practitioner, member of the Canadian Association of Nurses for the Environment and grandmother. "Our resolution reflects both our environmental concerns and our financial interests as retirees who depend on these investments. We're simply asking the BCMPP and BCI to follow the lead of other major pension funds that have already taken this crucial step."
Major pension funds globally are increasingly divesting from fossil fuels. In May 2024, Europe's largest pension fund, the Netherlands’ Stichting Pensioenfonds ABP, divested all liquid assets in oil, gas, and coal—approximately €10 billion—reporting that returns from these fossil-fuel assets were "easy to replace." In Canada, the Caisse de dépôt et placement du Québec, manager of the Quebec Pension Plan, excludes investments in coal and oil. These examples demonstrate a growing recognition among major institutional investors worldwide that phasing out fossil fuel investments represents both environmental responsibility and sound financial strategy.
Take Action: Help Make the BC Municipal Pension Plan Fossil Free
The Municipal Pension Retirees Association has taken an important step — now it’s time for all members of the BC Municipal Pension Plan to make their voices heard.
Join others calling on the BCMPP and BCI to phase out fossil fuel investments and protect both our pensions and the planet.
You can also join the Fossil Free MPP campaign to stay updated, connect with other members, and help push for a climate-safe pension future.
Reach out to fossilfreempp@gmail.com or info@shiftaction.ca to learn more.