Chipotle will air its first Super Bowl ad touting the farmers who supply its food

Chipotle will air its first Super Bowl ad this year to highlight the practices of its supply chain.

The hefty price tag of the airtime and the difficulty in striking the right tone in advertising has led many big brands to sit out the game this year.

But Chipotle is one of the rare winners of the coronavirus pandemic, thanks to its strong digital sales.

© Provided by CNBC A still from Chipotle's

Chipotle Mexican Grill will run its first-ever Super Bowl ad this year to highlight the farming practices of its suppliers.

Big brands like Coca-Cola and Budweiser are sitting out the game this year, freeing up airtime for newcomers like Chipotle. A 30-second commercial during the football game will set companies back about $5.5 million this year, slightly less than 2020′s rate of roughly $5.6 million.

Chipotle is one of the rare winners of the coronavirus pandemic from the restaurant industry. The burrito chain has seen its digital sales more than triple in its last two quarters, and its stock has soared 72% in the last year, raising its market value to $41.9 billion.

However, the pandemic also presents new difficulties to advertisers, who will have to worry about striking the right tone when the football game's commercials typically skew toward comedic and star studded.

Chipotle's ad aims to keep customers coming back to its restaurants by focusing on its "food with integrity" pledge and how it sources its ingredients. In the commercial, a boy asks if a burrito can change the world, from emitting less carbon to making farmers happier, while showing images of peppers and tomatoes being grown, picked and transported.

In a release announcing the news, Chipotle said that it believes that the pandemic has shifted consumers toward a "community-focused society," making them more aware of the impact of where and how they spend their dollars.

"We want to use this massive platform to help shift attention toward creating positive change for the challenges our food system faces and educate consumers on how they can make a difference," Chief Marketing Officer Chris Brandt said in a statement.

On Super Bowl Sunday, Chipotle will donate a dollar from every order to the National Young Farmers Coalition, an advocacy group for young farmers, and customers who order from the chain's website or app won't have to pay a delivery fee.

For years, the company and its foundation have contributed millions of dollars to support U.S. farmers. Chipotle donates 5% of the profits from the Tractor Beverages drinks sold at its locations to causes that benefit farmers.

TC Energy and Alberta face long odds if they sue U.S. government over cancelled Keystone XL

© Provided by Financial Post Some financial analysts believe the best course of action for TC Energy is to abandon Keystone XL after spending 12 years trying to get it built.

CALGARY – TC Energy Corp. is now weighing its options after stopping work on its cancelled Keystone XL pipeline project, but any attempt to sue the United States government over the scrapped project has little chance of succeeding, legal experts say.

Following Joe Biden’s inauguration as U.S. president Wednesday, he took the widely expected step of cancelling the cross-border permit for the US$14.4-billion, Alberta-to-Texas heavy oil pipeline through an executive order.

The decision marks the third time a U.S. president has blocked the Keystone XL pipeline, which requires a presidential permit to cross the U.S. border: Barack Obama vetoed the line twice before Donald Trump issued a permit while in office.

Now, Biden has dealt what could be the final blow for the 830,000-barrels-per-day oil pipeline project that has been in regulatory purgatory and endless litigation since it was first proposed in 2008.

TC Energy in a release Wednesday said it was disappointed with the decision and will consider the company’s options. The Calgary-based pipeline giant also suspended work on the project and announced it expects to record a “substantive, predominantly non-cash after-tax charge to earnings in the first quarter of 2021.”

TC Energy halts Keystone XL pipeline project

Joe Biden's blocking of Keystone XL threatens to end the era of mega pipelines

Trudeau vows to keep up the fight to sway U.S. on merits of Keystone XL pipeline

Some financial analysts believe the best course of action for TC Energy is to abandon Keystone XL after spending 12 years trying to get it built and focus on other growth projects, including those in its natural gas business and power projects.

RBC Dominion Securities Inc. analyst Robert Kwan said in a note that walking away from the project “is likely the best-case scenario,” but attempting to recover costs through litigation is a “free option” for the company.

TC Energy did not indicate whether it would seek damages as it did in 2016 when Obama vetoed the pipeline, but has signalled a willingness to pursue other projects.

“Our base continues to perform very well and, aside from Keystone XL, we are advancing $25 billion of secured capital projects along with a robust portfolio of other similarly high quality opportunities under development,” chief executive Francois Poirier said in a release.

Alberta Premier Jason Kenney earlier this week indicated his government would file lawsuits seeking damages from the U.S. for cancelling the pipeline, in which the province took an ownership stake in 2020.

“I believe this is without precedent for an American administration to retroactively seek to cancel a piece of infrastructure, a border crossing, that already exists,” he said.

Energy and international trade lawyers said TC Energy and the Alberta government have a few options if they want to seek damages, including suing the Biden administration in federal court and/or launching a Chapter 11 case under the old North American Free Trade Agreement (NAFTA). Both are widely considered long shots.

A Chapter 11 complaint allows companies to challenge decisions by states and the provision to do so has been grandfathered into the new United States–Mexico–Canada Agreement (USMCA) until 2023, meaning that Alberta and TC Energy will need to file their complaints before then.

“Nothing is ever done in American law. TC Energy has been at this long enough that they should know that,” said Mark Warner, an international trade lawyer and principal at MAAW Law in Toronto. “They could file a complaint under the old Chapter 11 and make a case that this was arbitrary and a denial of due process.”

TC Energy tried both a Chapter 11 challenge and a federal lawsuit the last time the pipeline was blocked in 2016, but both suits were dropped when Trump permitted the pipeline.

“They already have those (lawsuits) drafted. Presumably, they could file the same lawsuit and the same NAFTA claim,” said James Coleman, an energy law professor at Southern Methodist University’s Dedman School of Law in Dallas.

Coleman said both cases would require some updating given the new circumstances and could have their merits, but the odds are against both TC Energy and the Alberta government because the U.S. has never lost a Chapter 11 case and paid damages.

“Even if it’s stronger than the average argument, no argument has ever been successful in winning compensation from the U.S. under NAFTA,” he said.

The language contained in the presidential permit issued by Trump, as well as the weakened provisions for seeking damages in the new USMCA trade agreement, will make it very challenging for Keystone XL proponents to challenge Biden’s decision, said Stephen Vaughn, a partner in the international trade team at King & Spalding LLP in Washington D.C., and previously general counsel for the U.S. Trade Representative.

The amended presidential permit Trump signed on July 29, 2020, specifically states Keystone’s “permit may be terminated, revoked, or amended at any time at the sole discretion of the President, with or without advice provided by any executive department or agency.”

Vaughn said it’s highly unlikely that either legal arguments or diplomatic overtures will change Biden’s position on Keystone XL.

“I think the view down here is that anything the president announces on day one, the president is pretty dug in on that,” Vaughn said. “I’m not aware of any presidents that did something on day one and then 90 days later think, ‘That was a mistake and I shouldn’t have done that.’”

• Email: gmorgan@nationalpost.com | Twitter: geoffreymorgan

Canadian pension funds hunt for pandemic real estate bargains

By Maiya Keidan

© Reuters/CHRIS HELGREN FILE PHOTO: 

The downtown skyline and CN Tower are seen past cranes in the waterfront area of Toronto

TORONTO (Reuters) - Canadian pension funds are seeking to boost their real estate investments, betting the slumping property market will recover as the COVID-19 pandemic recedes and office workers and city dwellers return to downtown properties.

Canadian pension funds held $278.7 billion in property assets in 2019, up 4% from 2018, according to the Pension Investment Association of Canada, making them the country's largest real estate owners.

In a world of slower economic growth, very low interest rates, volatility in equity markets, real estate offers an attractive opportunity for pension funds, which take a long-term investment horizon, say market participants.

"We're looking for buying opportunities," said Hilary Spann, Head of Americas, Real Estate at CPP Investments, which manages $456.7 billion. CPP's real estate portfolio generated 5.1% return for the year ended March 2020.

CPP announced a U.S. joint venture with Greystar Real Estate Portfolio to build multiple separate housing units this month, a deal that was initiated pre-pandemic.

In November, it signed an agreement with Hudson Pacific Properties to acquire an office tower in Seattle. Spann said a lot of buyers that would have been competitive in the Seattle deal were temporarily on the sidelines. "So we were able to step in and pick up that asset at yields that we thought were quite attractive."

OFFICE VACANCIES CLIMB

As the pandemic forced many staff to work from home, the office vacancy rate in Canada hit a 16-year high of 13.4% in 2020, according to data from broker CBRE. Downtown offices were hit harder.

"I think pension funds are very well aware that...there are times when values dip a bit and vacancies go up but overallreal estate assets are a great part of any pension fund portfolio," Paul Morassutti, CBRE Canada Vice Chairman said.

CPP's Spann said while both rental markets and office may suffer in the short-term, it was expected that both markets would return when the pandemic comes to an end.

"Office may fall in the short term but in the long term, as everybody does start coming back to the office, I think it’s fair to say you may see a reversal," she said, adding that the things that made places like New York and San Francisco vibrant will remain.

Kristopher Wojtecki, Managing Director, Real Estate at PSP Investments, told Reuters the fund had been increasing exposure in select sectors including single family rental and production studio real estate during the pandemic.

However, Canada's second-largest pension fund, Caisse de depot et placement du Quebec, is taking a contrarian approach. A spokeswoman for Ivanhoé Cambridge, the real estate subsidiary of Caisse, said the fund is cutting exposure in traditional asset classes and prioritising opportunities in growth sectors which include logistics and residential office buildings among others.

Grant McGlaughlin, partner at law firm Fasken, said he did not see any drastic moves on pension funds getting rid of their real estate portfolios.

"I think that's the right thesis that there is no point selling into a low," he said.

(Reporting by Maiya Keidan; Editing by Denny Thomas and David Gregorio)

Stellantis' Tavares launches charm offensive with Italian unions

MILAN (Reuters) - Stellantis Chief Executive Carlos Tavares is touring the group's Italian plants, getting relations with local unions off to a good start as the newly-formed automaker seeks over 5 billion euros ($6.1 billion) a year in savings

.

© Reuters/Regis Duvignau FILE PHOTO:

 Carlos Tavares, Chief Executive Officer and Chairman of the Managing Board of PSA Group, attends the Tomorrow In Motion event on the eve of press day at the Paris Auto Show

The world's fourth-biggest carmaker was officially created on Saturday from the merger of Fiat Chrysler (FCA) and Peugeot-maker PSA, with former PSA boss Tavares becoming group CEO.

FCA and PSA pledged to achieve the savings without closing any plants, and Tavares earlier this week also committed to not cutting jobs.

In a gesture welcomed by Italy's unions, the CEO is visiting some of the group's main production sites in the country: Turin's Mirafiori on Wednesday, Melfi in the south on Thursday and Cassino in the centre on Friday.

Marco Lomio of the UILM union in the Basilicata region, where Melfi is located, said Tavares took time to listen to and answer all questions.

"It had never happened that a CEO had sat down to take questions from representatives at such a grassroot level," he said.

FCA CEO "Mike Manley had never paid us a visit at the plant. Tavares seems to be more in line with the style of former CEO Sergio Marchionne," Lomio added.

Earlier in the week, Tavares held a virtual meeting with the heads of Italy's national metalworker unions. The meeting was scheduled shortly after it was requested and was seen as an "act of respect" by Francesca Re David, who leads leftist metalworker union FIOM.

"It is important that he met all the unions and that he highlighted the need to invest in intellect, creativity and skills of Italian workers," she said.

Italy and France are Stellantis' two main production hubs in Europe, but Italian unions fear that after the merger the group's centre of gravity could shift towards Paris.

(Reporting by Giulio Piovaccari. Editing by Mark Potter)

Testing, sick leave, enforcement needed to slow workplace spread in Ontario: experts

TORONTO — As Ontario struggles to beat back a dire wave of COVID-19, workplace spread has been singled out by public health experts, mayors and top health officials as a major source of infections.

© Provided by The Canadian Press

Experts and workers say government measures so far haven’t directly targeted the issue, but fairly simple practices would help track and reduce infections.

Epidemiologist Colin Furness at the University of Toronto’s Dalla Lana School of Public Health said there should be clear consequences for employers that don't take proper precautions at this point in the pandemic.

“We know from contact tracing data and outbreak investigations what some of the most risky environments are. We should be coming down on them like a ton of bricks,” Furness said.

Hundreds of people have been infected in recent outbreaks linked to workplaces, including at least 121 workers at a Canada Post facility whose cases were reported this week and more than 140 people at a Cargill-owned meat processing facility in Guelph, Ont., last month.

Hundreds of migrant workers tested positive on Ontario farms last summer, and more than 5,000 long-term care staff have been infected to date.

But observers said there isn’t consistency when it comes to penalties for employers, or even naming workplaces where outbreaks happen.

Traditionally, workplaces have been challenging for public health because harsh enforcement might mean future issues are covered up, Furness said.

There are some signs of change, however, led by Toronto Public Health. The health unit said this month it would name employers with significant outbreaks and enforce reporting of cases among workers, a move Furness called “revolutionary.”

Putting pressure on employers is also important to make sure other measures are effective, Furness said, including paid sick leave, which has become a prominent political issue in Ontario. Mayors from province’s largest cities have been calling for months for accessible, universal paid sick leave so workers don't come to work sick over fear of losing income – an argument supported nearly universally by public health experts.

Janice Mills, who has a job in auto manufacturing, said sick leave is the biggest issue at the Glencoe, Ont, plant where she works with about 50 other people per shift.

Workers can apply for the Canada Recovery Sickness Benefit introduced to support people missing work over a COVID-19 diagnosis or exposure, but they’re only eligible if they miss 50 per cent of the work week.

That's an issue for hourly workers at Mills' plant, she said, because if someone falls ill on Thursday or Friday, they can’t make use of the benefit until the following week.

“That's very difficult for people to wrap their heads around,” Mills said.

Labour Minister Monte McNaughton said Ontario isn’t looking to implement its own sick leave policy because there are still millions of dollars available through the federal benefit.

He said the program is sufficient, but workers may not know about it, and he’s asking federal ministers to ensure there isn’t a delay in getting money out to people.

“I feel strongly that we shouldn't duplicate this program,” he said in an interview.

Furness said sick leave is important, but it doesn’t guarantee workers won’t face repercussions for accessing it – so employers should be held accountable if people are pressured into working while sick.

Tim Sly, an emeritus professor of epidemiology at Ryerson University, pointed to regular asymptomatic testing as another key measure that would help assess workplace spread.

He noted other regions have made use of rapid tests to find the virus among people who may not know they're infected, but Ontario has until recently been reluctant to introduce the practice.

“Why we've delayed it so often, I have not a clue," he said. "It costs so little, it's easy to do, and if you repeat it, you're getting up to really good standards of screening.”

Some industries in Ontario, such as film and television production, are already regularly testing employees for COVID-19, and the government plans to ramp up asymptomatic testing in the coming months by sending rapid tests to hard-hit sectors like farms, manufacturing and long-term care.

McNaughton said an asymptomatic testing pilot has already begun on construction sites in the Greater Toronto Area, and he said there will be "huge emphasis" on testing workers going forward.

He also pointed to the government’s recent “inspection blitz” of big-box stores, which is expanding to more industries. Most fines have been relatively small, at less than $1,000 per infraction, but McNaughton said some larger investigations are underway, and employers should be aware of the potential for fines up to $1.5 million.

“I hope my message was clear to every big corporation out there, every shareholder, that if they're not having a safe work environment for their workers, and for customers, I won't hesitate to shut them down,” he said.

Meanwhile, frontline workers say appreciation for their work isn't often reflected in the province's official pandemic response.

Brittany Nisbett, who works at a group home for disabled adults in the Niagara Region, said new restrictions announced this month haven’t changed anything in her working life – in fact, she said new limits on store hours have made it harder to complete errands during time off.

She said it’s been an emotionally taxing year, especially when co-workers and clients have tested positive for the disease, but one silver living has been growing public acknowledgment of the work she does.

She’d like to see that reflected with a permanent wage increase, paid sick days and more staff for support.

“If you’re going to call us heroes, then I think that we need to be treated like heroes,” Nisbett said.

This report by The Canadian Press was first published Jan. 21, 2021.

Holly McKenzie-Sutter, The Canadian Press

Amazon seeks to halt union election at Alabama warehouse

(Reuters) - Amazon.com Inc has filed a motion asking the U.S. National Labor Relations Board to halt the union election at its Bessemer, Alabama warehouse, scheduled to start Feb. 8.

© Reuters/BRENDAN MCDERMID FILE PHOTO: FILE PHOTO:

 The logo of Amazon is seen on the door of an Amazon Books retail store in New York

The company also requested a review of an earlier labor board decision to hold the election by mail due to the COVID-19 pandemic, according to a filing dated Jan. 21.

Amazon's first U.S. union election since 2014 was scheduled https://www.reuters.com/article/us-amazon-com-labor/amazon-union-election-to-start-in-february-u-s-labor-board-idUSKBN29K2BV 

to begin with the mailing of ballots in early February and a vote count starting March 30. The online retail giant, which is the second-largest private employer in the United States after Walmart Inc, has long avoided unionization and has trained managers to spot organizing activity.

The company alleged multiple gaps in labor board precedent, errors made by the acting regional director, and missed opportunities for mail-ballot improvements to back its motion.

The union declined to comment on the matter.

#IRONY

P.E.I. lozenge plant lays off 30 workers after weak cold and cough season

© Provided by The Canadian Press

CHARLOTTETOWN — A lozenge plant in Prince Edward Island has laid off 30 workers, citing an "almost non-existent" cold and cough season amid COVID-19 restrictions.

Island Abbey Foods said Friday sales of its Honibe cough and cold lozenges have declined in the first two quarters of 2021, forcing the Charlottetown company to cut 30 temporary positions from its production operation.

Measures aimed at curbing the pandemic such as masks, frequent hand washing, physical distancing and working from home appear to have lessened the prevalence of seasonal viruses.

The apparent drop in winter colds across the country seems to have weakened demand for medicine and natural remedies aimed at soothing sore throats and nasal congestion.

Both Metro Inc., which operates drugstores primarily under the Jean Coutu, Brunet, Metro Pharmacy and Drug Basics banners, and Loblaw Companies Ltd., which has a network of Shoppers Drug Mart and Pharmaprix outlets, have noted the weak cough and cold season.

Metro president and CEO Eric La Fleche told analysts during a conference call in November that it appeared to be a "much weaker cold and flu season," as the increase in sanitary measures due to COVID-19 appear to help curb the spread of seasonal viruses.

Loblaw president Sarah Davis also noted during a call with investors in November that the company was looking at ways to offset a declining trend in the cough and cold sector.

The Public Health Agency of Canada's weekly influenza report earlier this month said flu activity remains "exceptionally low" for this time of year.

The FluWatch report for the week of Jan. 3 to 9 said flu testing continues at seasonal levels but there is "no evidence of community circulation of influenza."

Dr. Lisa Barrett, an infectious disease expert and assistant professor at Dalhousie University, said respiratory viruses like the common cold, seasonal influenza or the coronavirus all spread in similar ways.

"If you take away the way we spread one virus from person to person, you do the same thing for another virus," she said, noting that measures to reduce COVID-19 transmission appear to be helping slow the spread of other viruses.

But Barrett said early indications that it will be a weaker cold and flu season this year is also about the reduction in international travel.

"In the beginning of every season, the virus comes from somewhere and that's related to travel," she said. "Different respiratory viruses circulate through the hemispheres. If there's less travel, there's also less bringing of the virus back to it's seasonal place."

For Island Abbey Foods, the decline in demand for its cough and cold lozenges comes on the heels of a "tremendous year" in 2020, said Scott Spencer, president and chief operating officer.

"We increased head count significantly across our company to meet higher than anticipated demand and position our company for success," he said in a statement.

The Charlottetown company has continuously adapted to the ever-changing business realities that COVID-19 is imposing on the world, he said.

Despite substantial gains with its digital retail strategy, Spencer said online sales have not replaced the volume the company projected for a regular cold and cough season.

The company said demand for its gummy products continues to be strong. It said planning is underway for a major expansion project, which includes state of the art equipment that will increase capacity to meet growing demand.

This report by The Canadian Press was first published Jan. 22, 2021.

The Canadian Press

Indigenous business coalition leader says Keystone XL denial will hurt communities

CALGARY — The cancellation of the Keystone XL pipeline by U.S. President Joe Biden is a major setback for Canadian Indigenous people, says the leader of a group promoting their participation in oil and gas development as a solution to poverty on reserves.

© Provided by The Canadian Press

The decision means fewer jobs in the short term for Indigenous people in constructing the pipeline and supplying goods and services for it, said Dale Swampy, president of the National Coalition of Chiefs.

It also implies more long-term unemployment for those who work in exploring and developing conventional and oilsands projects in Western Canada because it impedes investment in production growth, he said.

"It's quite a blow to the First Nations that are involved right now in working with TC Energy to access employment training and contracting opportunities," said Swampy.

"Within Alberta, First Nations are pretty closely entrenched with all of the activities occurring with the oil and gas industry. Any change, especially a big change like this, really affects our bands' ability to keep our people employed."

The demise of the pipeline means Natural Law Energy, which represents five First Nations in Alberta and Saskatchewan, will no longer be able to make an equity investment of up to $1 billion in Keystone XL, a plan announced by builder TC Energy Corp. in November that was expected to be extended to American Indigenous groups as well.

But the relationship with TC Energy is expected to continue, said executive director Brian Mountain, with Natural Law making investments as a partner in other projects including renewable energy.

"We don't know how many terms Biden is going to be in for, it might be for one or two," he said, adding his group met with TC Energy executives on Friday morning to talk about next steps.

"TC Energy has been around since (the 1950s) and, more importantly, our First Nations people have been around since time immemorial. This is just another point on the timeline in our economic recovery."

He said none of the proposed projects has been confirmed as yet but said the group is confident of getting bank financing for its role.

The impact on Indigenous people goes beyond direct equity investment, Swampy said, noting that four of his five sons normally work in oil and gas but one has been unable to find a job in the current downturn.

Swampy is a former CEO of the Samson band. The coalition he heads was created in 2017 by Indigenous equity partners in the cancelled Northern Gateway pipeline and has a membership of about 80 bands.

Grand Chief Stewart Phillip, however, said the threat of global climate change is of "paramount importance" and is the reason Biden was elected president.

"I absolutely believe the writing is on the wall for the oil industry. It's going downhill," the president of the Union of B.C. Indian Chiefs said in an interview.

He suggested that Indigenous people who depend on pipeline or oil production jobs should prepare for the future by getting work in renewable energy.

"Those jobs are transient in nature ... It's a myth that pipelines represent an economic boom for a particular area," he said.

Pipeline contracts for earth-clearing help her employees at Top Notch Oilfield Contracting feed their families, countered Judy Desjarlais, a member of the Blueberry River First Nation in northeastern B.C.

She said Biden's decision is a "kick in the teeth" for Canada and its Indigenous people.

In a report published in December, energy industry labour data firm PetroLMI said about 13,800 self-identified Indigenous people were directly employed in Canada’s oil and gas industry in 2019. That's seven per cent of total industry employment, compared to three per cent in other industries.

TC Energy approved spending US$8 billion in the spring of 2020 to complete Keystone XL after the Alberta government agreed to invest about US$1.1 billion (C$1.5 billion) as equity and guaranteed a US$4.2-billion project loan.

Alberta Premier Jason Kenney has said the province has about $1 billion at risk if the project were killed. Earlier this week, he called on Ottawa to demand talks with the U.S. about the pipeline and, if those prove unfruitful, to impose economic sanctions.

The 1,947-kilometre pipeline is designed to carry 830,000 barrels a day of crude oil from Hardisty, Alta., to Steele City, Neb., where it would connect with the company's existing facilities to reach the U.S. Gulf Coast refining centre.

This report by The Canadian Press was first published Jan. 22, 2021.

Companies in this story: (TSX:TRP)

Dan Healing, The Canadian Press

Ontario Teachers' Pension Plan to aim for net-zero greenhouse gas emissions by 2050

TORONTO — The Ontario Teachers’ Pension Plan Board is getting serious about climate change with a new commitment to achieving net-zero greenhouse gas emissions and ensuring their portfolio is more environmentally friendly.

© Provided by The Canadian Press

Canada's largest single-profession pension plan said Friday that in the coming weeks it will establish concrete targets for portfolio emissions and ensure companies it invests in report emissions annually.

It will also direct proceeds from a green bond offering towards climate-friendly investment opportunities and advocate for clear climate policies with the help of global organizations it will partner with.

"With co-ordinated action net zero by 2050 is an ambitious but achievable goal," said the plan's president and chief executive Jo Taylor.

"We are committed to playing our part alongside other organizations and governments around the world to effect significant, positive change.”

The promises come weeks after an environmental coalition — Shift Action for Pension Wealth and Planet Health, Fridays for Future Toronto and a group of working and retired Ontario teachers — launched a campaign encouraging the board to divest from companies that develop or transport fossil fuel products.

The coalition used a four-minute YouTube video featuring a group of students reading a letter to their teachers, asking them to push the pension plan to stop investing their retirement savings in oil, gas, coal and pipeline companies.

Chief Investment Officer Ziad Hindo said in an email that direct private assets in oil and gas make up about three per cent of the plan's portfolio and that it will continue to shift away from fossil fuels.

The Ontario Teachers' Pension Plan oversees the pensions of more than 329,000 active and retired teachers in the province and handles about $204.7 billion in net assets.

In recent months pension funds and other institutional investors have faced growing pressure to divest from fossil fuels and allocate funds into low or zero-carbon energy products.

Norges Bank Investment Management, which manages Norway’s sovereign wealth fund, announced earlier this year that it plans to halt investments in Calgary-based Canadian Natural Resources Ltd., Cenovus Energy Inc., Suncor Energy Inc. and Imperial Oil Ltd. after concluding they produce unacceptable levels of greenhouse gas emissions.

This report by The Canadian Press was first published Jan. 22, 2021.

The Canadian Press

Opinion: Prairie premiers need to get with renewable program

© Provided by Leader Post Miles of unused pipe, prepared for 

the proposed Keystone XL pipeline, sit in North Dakota in 2014.


In one day, we saw two great examples of the antiquated mentality of the prairie premiers emerge and highlight the need for better leadership. Wednesday, with newly-elected American President Joseph R. Biden signing an executive order to stop the Keystone XL pipeline, Alberta Premier Jason Kenney suggested trade sanctions be levied against the U.S. Simultaneously in Saskatchewan, Premier Scott Moe admonished and threatened the Regina city council for their attempt at limiting fossil fuel companies from advertising city-sponsored initiatives. Moe’s specific threat? If city council isn’t careful, perhaps money received from SaskEnergy and SaskPower in municipal surcharges ($33.3 million) will no longer be provided, and boldly stated: “If these Regina city councillors have such a strong aversion to accepting money from energy companies, I assume they will no longer want to receive these funds, which could instead be distributed to other Saskatchewan municipalities.”

Gentlemen, read the room. Things are changing for the better, and I’m sad to say, they don’t support all your oil executive donors and cronies. Many are learning the truth about our current addiction to fossil fuels and the associated human health and ecosystem impacts, despite significant efforts by the oil industry to convince us everything is cool.

I use the word addiction intentionally and I ask that we reflect on it and its implications to us on a personal level. We are all oil addicts. Think about systems of agriculture and distribution, manufacturing and even the design of our cities. All currently rely heavily on fossil fuels. For the time being they are essential for life in the Prairies and those who personally work within the energy sector support themselves and their families through their hard work in that industry. It is not reasonable to say we must stop consuming fossil fuels, full-stop. In reality what is needed is a plan for transitioning away from fossil fuels and toward new ways of organizing and powering human enterprise, to create a more sustainable society (replete with jobs in a new energy industry). What is not helpful is further expansion of the fossil fuel industry through a massive investment in infrastructure (i.e. the Keystone pipeline). In short, yes we need oil, but we also need to transition away from it.

Returning to the addiction analogy, some of us are on the road to recovery, while some are fully in denial that there’s even a problem, ignoring the credible scientists who warn Earth is on the brink of catastrophe as a result of this addiction. It’s unfortunate the leaders of Saskatchewan and Alberta remain firmly in denial of our deeply problematic addiction and are utterly unwilling to help us move toward solutions to improve the situation. Instead, they support policies that enable the dealer. The $1 billion of taxpayers money which Jason Kenney pumped into the oil sands project is now gone. Truly unfortunate and a bad gamble on a doomed, economically-dubious prospect. That money could have been used to assist in the transition toward green energy sources and created sustainable green energy jobs. Instead, it enriched a few of his friends and jobs for Albertans will not materialize.

All we can hope for now is that it serves as a wake up call. Supporting the drug dealer is great in the short term: It comes with lots of money, power and prestige (of a certain flavour). But in the end you hurt people; the people you love and have vowed to protect.

Peter Oldridge is a Saskatoon registered social worker with a Masters in community policy, planning and organization.