"W hile Canadians worry about climate risk and the political direction of the United States, their retirement savings are quietly riding a very different bet. The Canada Pension Plan Investment Board (CPPIB) is financing-and profiting from-Donald Trump's renewed push to expand fossil fuels and accelerate artificial intelligence development in the US. It has partnered with private equity firms to acquire American oil and gas producers and financed AI companies like Elon Musk's xAI."
"The CPPIB has a policy on sustainable investing, updated in May 2025, that recognizes climate change as a serious risk and encourages adapting its investment strategy to evolving decarbonization pathways and investing "for a whole economy transition required by climate change." However, the same policy indicates the CPPIB's belief "that accelerating the global energy transition requires a sophisticated, long-term approach rather than blanket divestment.""
"In response to Canadian prime minister Mark Carney's pledges to fast-track major infrastructure projects, CPPIB chief executive officer John Graham stated, in September 2025, that the CPPIB was keen to invest in major projects, particularly in the energy sector. As reported by the Financial Post, Graham singled out fossil fuel pipelines, saying, "Here in Canada, we like pipelines. We like oil and gas pipelines.""
The Canada Pension Plan Investment Board manages the Canada Pension Plan, Canada's largest public pension. Created by an Act of Parliament in 1997, it is accountable to Parliament. Its primary responsibility is to maximize long-term revenues with minimal risk. The CPPIB has financed and profited from U.S. fossil fuel expansion and artificial intelligence development, partnering with private equity to acquire American oil and gas producers and financing AI firms such as Elon Musk's xAI. The CPPIB updated its sustainable investing policy in May 2025, recognizing climate risk while advocating a sophisticated, long-term approach rather than blanket divestment. CEO John Graham has expressed interest in major energy projects, including pipelines. Recent investments have raised concerns among pension watchdogs amid trade tensions and climate instability.
Read at The Walrus
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