The CEO of Alberta Investment Management says divesting from fossil fuels is the opposite of what pension funds should be doing if they want to help solve the climate crisis.
Inflation protection will be provided by real estate and private equity: AIMCo chief investment officerThe CEO of Alberta Investment Management Corp. says divesting from fossil fuels is the opposite of what pension funds should be doing if they want to help solve the climate crisis.
Siddall made the comments Wednesday at a ribbon-cutting event in Calgary to mark the opening of AIMCo's new office in that city. Up until now, AIMCo — which is responsible for the investments of pension, endowment and government funds in Alberta and is headquartered in Edmonton — has had secondary offices in Toronto, London, U.K., and Luxembourg.
“We have been absent from the Calgary oil and gas and energy hub, which has probably left us less informed than we could be," Siddall said. “And that means investment in oil and gas companies. It actually means supporting them," Siddall said. "The initial sectors we’re looking at are the energy sector, the power and utilities sector, industrial emitters in general," he said.
The largest of these is the massive project proposed by oilsands consortium Pathways Alliance that aims to capture CO2 emissions from oilsands facilities and transport it to a storage facility near Cold Lake, Alta, delivering an estimated 10 million tonnes of emissions reductions per year.
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