Flashback: Ontario Teachers’ Pension Plan touts green investments while having large stake in Abu Dhabi LNG pipeline project

DM

The Ontario Teachers’ Pension Plan recently released a report detailing their plans for helping create a greener future, despite having just last year invested in an Abu Dhabi LNG pipeline project. In June 2020, it was reported by the Financial Post that the OTPP was among a consortium of investors paying $10.1 billion US for a 49% stake in a pipeline subsidiary of the Abu Dhabi National Oil Company. According to the Financial Post, the subsidiary will operate 38 pipelines for the next 20 years. Ziad Hindo, chief investment officer at the OTPP, stated that “This strategic transaction is attractive to Ontario Teachers’,” adding that it provides the group with “a stake in a high-quality infrastructure asset with stable long-term cash flows.” In a report from June 2021 titled “Shaping a better future,” the OTPP, which manages $221.1 billion in assets, takes great pride in detailing their climate change goals, and ambitious attempts to reduce their investment portfolio’s carbon footprint in the coming years. The report does not mention the pipeline subsidiary. The OTPP’s decision to invest in an energy company from a nation steeped in human rights abuses while Canada’s own oil and natural gas projects flounder has raised eyebrows.

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