Seniors face oil and gas pension time bomb 'reminiscent of those of Nortel and Sears' - 2019-01-22
Ontario Premier Doug Ford's outrageous claim that the federal government's price on pollution would create a "recession" that will "hurt seniors" is precisely backwards, according to new research — it might actually save Canada from one.
Canadian oil and gas public equity shares form a major part of retirement savings for many Canadians, and equity and debt issued by global fossil fuel firms also constitute a portion of Canadian pension funds, says Winnipeg-based think tank, the International Institute for Sustainable Development.
Thousands of employees at Canadian oil and gas companies also have defined benefit pension obligations, adds the report. All of them would suffer if the companies are all caught off guard in a world that has no more room for planet-warming carbon emissions.