First Nations Leaders Warn Canada’s Major Pension Funds: Do Not Invest in LNG Canada

Near Smithers, British Columbia (Wet’suwet’en territory) — Hereditary Chiefs of the Gidimt’en and Likhts’amisyu clans of the Wet’suwet’en Nation, together with the President of the Union of British Columbia Indian Chiefs (UBCIC), sent a formal notice today to ten of Canada’s largest public pension funds and Export Development Canada (EDC), warning them against purchasing a stake in the LNG Canada export terminal or its proposed Phase 2 expansion. The letter was triggered by a recent notice by EDC that it is considering supporting an entity taking an equity stake in LNG Canada.

The recipients of the letter are: the Alberta Investment Management Corporation (AIMCo), British Columbia Investment Management Corporation (BCI), Caisse de dépôt et placement du Québec (CDPQ), Canada Pension Plan Investment Board (CPPIB), Healthcare of Ontario Pension Plan (HOOPP), Ontario Municipal Employees’ Retirement System (OMERS), Ontario Teachers’ Pension Plan (OTPP), Ontario’s University Pension Plan (UPP), Public Sector Pension Investment Board (PSP Investments), and EDC.

“Any institution that invests in LNG Canada is complicit in the ongoing violation of Wet’suwet’en rights and title,” said Chief Na’Moks, Hereditary Chief of the Tsayu (Beaver Clan). “LNG Canada cannot exist without the Coastal GasLink pipeline that feeds it, and any expansion of this infrastructure will be met with fierce opposition. We are putting pension funds and Export Development Canada on notice: if you invest in LNG Canada, you will face the moral, legal, and financial consequences.”

First Nations leaders warn in the letter: “Any investment or support for LNG Canada enables the associated [Coastal GasLink] pipeline’s continued violations of our First Nations rights.” Coastal GasLink (CGL) is the only pipeline supplying gas to LNG Canada. The pipeline’s developers and government authorities have consistently and repeatedly violated the Wet’suwet’en Hereditary Chiefs’ rights and title under international and Canadian law. Multiple international human rights groups including United Nations bodies have raised significant concerns around the repression of First Nations land defenders opposed to the CGL pipeline.

“The future of First Nations-Crown relations cannot be built on projects that proceed without the consent of the First Nations title holders whose lands and waters are affected,” said Grand Chief Stewart Phillip, UBCIC President. “Financial institutions considering investments in LNG Canada must understand that these projects do not exist in a vacuum, they are inseparable from the ongoing violations of Wet’suwet’en title and rights. Investors have a responsibility to ensure their investments respect free, prior and informed consent, and that their decisions do not come at the expense of our people or contribute to the ongoing infringement of Wet’suwet’en rights. Long-term prosperity and responsible investment are only possible when First Nations title and rights are respected and upheld.”

The Institute for Energy Economics and Financial Analysis recently published a briefing of the impacts of the Iran war on Canadian LNG, including long-term demand destruction and a supply glut looming on the other side of the conflict.

Despite having a policy requiring notice when a transaction risks significant environmental or social impacts, EDC refuses to disclose the participants of its proposed deal. Major Ontario pension funds were recently pressed about potential investments in LNG at their annual meetings, and refused to rule them out. OTPP Chair said that “a lot of these [LNG] infrastructure projects are of interest,” while the OMERS Chair left the door open to investment in existing LNG infrastructure.

Wet’suwet’en and UBCIC leadership conclude their letter by demanding that financial institutions avoid buying any stake in LNG Canada Phase 1 or 2 and ensure their investments fully respect First Nations’ rights, title, and sovereignty.

Contacts:

Chief Na’Moks, Hereditary Chief of the Tsayu (Beaver Clan) of the Wet’suwet’en Nation, tsayu2@yahoo.ca

Grand Chief Stewart Phillip, UBCIC President, 250-490-5314

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