Here is a perfect illustration of why unfettered capitalism and ethics are incompatible:
Canada’s national pension fund manager is among a group of Canadian companies that are undermining the federal government’s international anti-coal alliance by investing in new coal power plants overseas, an environmental organization says.The fact that the corporate world extols maximum profit at any cost largely limits government goals on climate change mitigation to the aspirational:
Friends of the Earth Canada joined with Germany’s Urgewald to release a report today looking at the top 100 private investors putting money down to expand coal-fired electricity — sometimes in places where there isn’t any coal-generated power at the moment.
The report lists six Canadian financial companies among the top 100 investors in new coal plants in the world. Together, Sun Life, Power Corporation, Caisse de depot et placement du Quebec, Royal Bank of Canada, Manulife Financial and the Canada Pension Plan Investment Board have pledged $2.9 billion towards building new coal plants overseas.
While Environment Minister Catherine McKenna is claiming to be a global leader on phasing out the dirtiest of electricity sources, private investors are “undermining that commitment,” says Friends of the Earth senior policy adviser John Bennett.Clearly, this post reveals nothing new, eh?
Canada and the United Kingdom last month teamed up to launch the Powering Past Coal Alliance, trying to bring the rest of the world on side with a campaign pledge to phase out coal as a power source entirely by 2030 for the developed world and 2050 for everyone else.