This is depressing.
We were at the bank this morning, setting up some investment plans for retirement and for the kids to go through University (In Canada-speak: RRSPs and RESPs). We started to pick out a portfolio of mutual funds into which we would be putting the investments, and our financial advisor was showing us one of the mutual funds he would recommend when I noticed the fund included a substantial investment in the Canadian Oil Sands. “No way” says I. So we went to his next pick. Same thing. And the next. And the next….
The oil sands have been described as the most destructive project on earth. They are the major reason that Canada will renege on its Kyoto treaty obligations. They will devastate a huge area of Alberta, and threaten clean water supplies and the wildlife of large parts of North America.
So, I was struck by the irony of funding the kids through University by investing in a project that will so thoroughly screw up the world in which they will have to live when they grow up.
But then I thought about it some more. Pretty much the entire middle class in Canada must have money invested in this project, if it shows up in most of the mutual funds commonly recommended for retirement and education savings plans. Most of them probably have no idea (after all, who actually looks closely at the contents of their mutual funds?) and of those that do know, most of them will prefer the high rate of return on this project because they have no real understanding of the extent of the climate crisis.
Those funds are being used to maximize the profit from the oils sands, by paying for lobbyists to fight environmental regulations, to fight caps on greenhouse gas emissions, and to fight against alternative energy initiatives (which would eat into the market for oil from the oil sands).
How on earth can we make any progress on fighting climate change when we all have a financial stake in not doing so?