Photo by Shell to Sea.
The Canada Pension Plan Investment Board (CPPIB) has invested heavily in a controversial fossil fuel project off the coast of Ireland that worsens the climate crisis and could pollute a local community's drinking water supply.
The Canadian Press reports, "The CPPIB will pay nearly $1.4 billion to become the largest partner in the Corrib offshore natural gas field, 83 kilometres off the coast of Ireland. The Toronto-based fund manager will initially buy a 45-per-cent interest in the project from a unit of the Shell energy business for £830 million."
The article adds, "After that deal closes, CPPIB plans to transfer a 1.5-per-cent interest in the project to Calgary-based Vermilion Energy Inc. for £19.4 million ($32.2 million). Following the transactions, Vermilion will have a 20-per-cent interest in Corrib and be its operator. Norway’s Statoil ASA would continue to have a 36.5-per-cent interest in Corrib and CPPIB will have the remaining 43.5 per cent."