Tell the BCTPP that it’s time to phase out fossil fuels
The BC Teachers’ Pension Plan (BCTPP) invests on behalf of over 100,000 teachers, vice-principals, principals and superintendents from school boards across the province. With over $41 billion in assets under management, the BCTPP is one of the largest pension funds in the country. But even as climate change’s devastating impacts harm teachers and their students, families and communities, the BCTPP continues to invest in high-risk oil, gas, coal and pipelines companies that are fueling the climate crisis.
Tell the BC Teachers’ Pension Plan to stop investing your money in climate failure.
The climate crisis poses major risks to the BCTPP and other pension funds
Physical Risk:
Risks from extreme weather events and natural disasters can damage real estate and infrastructure investments and disrupt business operations in companies the plan invests in.
Transition Risk:
Transition risks arise as the global economy shifts away from fossil fuels, which could reduce the value of carbon-intensive assets and industries.
Regulatory Risk:
Policy and regulatory changes to reduce greenhouse gas emissions, such as carbon pricing or emissions caps, may impact investment returns across various sectors.
Legal/Reputational Risk:
Plans also face legal and reputational risks if they're seen as not adequately addressing climate concerns in their investment decisions, potentially leading to member criticism or legal challenges.
Systemic Risk:
Perhaps most importantly, climate change poses systemic risks to the entire financial system. As rising temperatures affect food production, supply chains, and economic stability worldwide, even well-diversified portfolios may be impacted.
The long-term nature of pension obligations makes these climate risks particularly relevant, as today's investment decisions need to account for environmental changes that could unfold over decades.
At both the 2022 and 2023 Annual General Meetings of the British Columbia Teachers' Federation, motions to support divesting the pension fund from oil and gas investments received resounding support.
After 3 years, nothing has changed: $1.47 billion of B.C. teachers' retirement savings continue to be invested in fossil fuels.
Leading pension funds globally have already recognized the financial and ethical imperative to exit fossil fuels. But the BCTPP contines to expose the retirement savings of B.C. teachers to increasing climate-related financial risks and stranded asset potential.
The science is clear. The financial case is clear. The members have spoken.
It's time for the BCTPP and its investment manager, the BC Investment Management Corporation (BCI) to align their actions with their members' demands and protect both pensions and the planet.
