Ontario Teachers' Pension Plan Moves To Renewables as Fossil Fuel Risks Rise

摘要

Ontario Teachers' Pension Plan, Canada's third-largest pension fund, is moving into renewable energy as pressure to combat climate change raises the risk of stranded assets in fossil fuel investments. The fund has increased its holdings in wind, solar and hydro power to about C$3.5 billion ($2.62 billion) during the past three years from about nil, Ontario Teachers' Chief Executive Officer Ron Mock said Dec. 2. The pension plan has C$154.5 billion in assets under management as of March 31. "If we're going to invest in something, if we got a choice between a Hummer and a Prius, we're going to take the Prius every time," he said, in reference to Toyota Motor Corp.'s hybrid car. Ontario Teachers' doesn't want to find itself stuck with stranded energy assets, Mock said the Toronto-based fund prefers to invest in natural gas, and oil will become a smaller part of the portfolio over the next decade as it increases its position in renewables. The fund just appointed a vice president in charge of renewables globally, he said.