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TORONTO - Canada Pension Plan Investments is on the hunt to buy utility and oil and gas assets unloved by competitors seeking to unload polluting assets, then profit from reducing greenhouse gas emissions and put them back on the market, Chief Sustainability Officer Richard Manley said on Thursday.
CPP, one of the world's biggest pension funds with C$575 billion in assets under management, sees a rare opportunity to invest in the shift to a lower carbon economy. CPP's portfolio includes Canadian pipeline operator Enbridge and India's Bharat Petroleum Corp. It bought a 49% stake in California oil venture Aera Energy in March.
Renewable energy projects, meanwhile, have seen costs rise and returns dip, prompting funders of capital-intensive projects like wind farms, especially the offshore variety, to reconsider their investments.
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