Photo: Matthew Brown Associated Press
The president and chief executive officer of the Fonds de solidarité FTQ, Gaétan Morin, insists on the importance of the transition to a portfolio that is completely neutral in terms of greenhouse gas emissions.
The solidarity Fund QFL has announced, on the occasion of its annual general meeting of shareholders on Saturday, in Montreal, that it has divested itself of its investments in the coal sector.
The institutional investor has added to his list of titles excluded ten companies with coal reserves for energy production.
The Fund argues that these measures are in addition to investments ” that promote the energy transition “, such as the acquisition of $ 22.9 million in green bond of the government of quebec.
The solidarity Fund has also invested in the company school bus electric Lion and in Enerkem, which produces bio-fuels from waste.
These measures have earned him the congratulations of Greenpeace and the David Suzuki Foundation.
By press release, the head of the climate and energy campaign of Greenpeace Canada, Patrick Bonin, has argued that the Fund is positioned as well as a “leader” and invited other banks and investors to follow suit in turning its back on fossil fuels.
The president and chief executive officer of the Fonds de solidarité FTQ, Gaétan Morin, thanked the two environmental organizations. “We thank them for their support and understand that it must be done in stages and it will take a few years “, he commented
In an interview with The canadian Press, Gaétan Morin has stressed the importance of the transition to a portfolio that is completely neutral in terms of greenhouse gas emissions.
“This is the first step that we are going to ask, and we will continue to analyze the effect and the impact on jobs and on the return to our shareholders,” said Mr Morin.
Recalling the mission of “investor socially responsible” that is given to the institution, its president stated that it must ” take into account the thousands of jobs that depend on the refining of the oil.”
Gaétan Morin also pointed out that the fund remains a trustee of the retirement savings of its shareholders, and that it must ensure they offer a good return.
“We made the simulations with the stock markets, we observe the effect of a portfolio that could eventually be completely green,” reveals Mr. Morin, who refuses to commit to a schedule.
When asked if the future of the stock markets goes through the green economy, Gaétan Morin responded that ” regardless of the views of some critics on the planet, it is necessary to go to it for our children and our children’s children.”
The Fund, which had net assets of $ 13.1 billion $ in date of the 31st may last, has more than 645 000 shareholders-investors.