My question is to the Government Representative in the Senate. Senator Gold, a disturbing report published last month by Cynthia A. Williams, the Osler Chair in Business Law, and an exposé in The Globe and Mail this week create deep concerns about the Canada Pension Plan’s investment in high-risk, high-carbon oil and gas companies. The investment includes ownership of a struggling Devon-based fracking company that drills wells next to schools and houses and made inappropriate political donations to oil and gas lobby groups to influence state elections in Colorado.

In another case, the CPPIB spent almost $1.3 billion to buy natural gas interests off the coast of Ireland only to see the Irish government ban new oil and gas licences for exploring and production just shortly after. The report raises serious questions about whether the board overseeing CPP Investments’ approach on climate change is consistent with its fiduciary obligations.

The expert panel of sustainable finance mandated by the federal government issued its report in June 2019 in which they recommended that the government: “Clarify the scope of fiduciary duty in the context of climate change.”

More than a year has passed and the government has still not acted on this recommendation. Senator Gold, is it acceptable to the government that our national pension fund keeps undermining our international commitments, but most importantly, is putting our retirement security at risk?

Senator Gold, when will the government provide the needed clarity for Canadians where they are legally obliged to address climate risk in order to truly act in our best interests?