Time to see climate change mitigation as an economic opportunity, pension fund exec says
Capitalists urged to stop seeing climate change as a risk, and to "get on with" seeking profits from the new realities it presents
HALIFAX—One of Canada’s largest pension fund managers says trillions of dollars should be shifted into investments that will counter global warming, in part because it’s crucial to long-term profits.
Michael Sabia, chief executive of the Caisse de Depot et Placements, spoke today on the eve of a meeting of G7 environment, oceans and energy ministers in Halifax.
He urged capitalists to stop seeing climate change as a risk, and to “get on with” seeking profits from the new realities it presents.
Sabia was part of a panel of investors, companies, and government representatives discussing sustainable investment on the day before the three-day gathering officially starts in Halifax.
He told delegates that a pool of $46 trillion in long-term investments handled by pension funds should move more quickly to clean-energy, low-energy buildings and low-carbon transport systems.
He cited his pension fund’s investments in solar and wind energy, along with low-energy real estate projects, as examples of where growth industries lie.
However, Sabia says “not nearly enough” long-term investors are seeing that climate change means a fresh wave of investment opportunities, rather than “a constraint” on returns for their clients.