Greenpeace congratulates FTQ Solidarity Fund for Divesting from Coal

Press release - October 2, 2017
September 30, 2017, Montreal (Canada) - Greenpeace wishes to congratulate the Fonds de solidarité FTQ , which today introduced new measures to promote a worker-friendly energy transition.

September 30, 2017, Montreal (Canada) - Greenpeace wishes to congratulate the  Fonds de solidarité FTQ , which today introduced new measures to promote a worker-friendly energy transition.

Greenpeace endorses these measures which include the abandonment of all coal-related investments utilized for energy production, CDP membership (Carbon Disclosure Project), and investments in energy transition.

"The Fonds de solidarité FTQ is to be congratulated for committing to other energy transition measures and mandating a committee to do so. Quebec Federation of Labor is by far Quebec’s largest labour union. Today, it positions itself as a global leader on divestment”, said Patrick Bonin, Climate & Energy campaigner of Greenpeace Canada.

More and more investors and banks understand that sensible investment is required to ensure a strategic transition that generates good green jobs.

He added that “investment in coal is not compatible with the goals of the Paris agreement. We expect other funds in both Canada and globally to follow. The Fonds move contributes to global momentum - more and more investors are turning their backs on fossil fuels and investing instead in renewable energy and other green alternatives. In light of Desjardin’s moratorium announcement- which we are yet to see become permanent - and First Nations growing mobilisation, we hope to see similar announcements by other major labour unions in Canada and around the world that tend towards the Paris Agreement and the respect and application of UNDRIP.”

Identified reserves of coal, oil and gas need to be left in the ground if we are to have  to limit global warming to below the 2 celsius degrees target.  82% of the coal must be left unburned, 49% of gas and 33% of oil.  

To date, over 750 institutions around the world have pledged to sell some or all of their fossil fuel investments, including many investment and pension funds, including the Norwegian Sovereign Wealth Fund - the largest fund of this kind in the world.

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For further information, please contact:

Patrick Bonin, Climate & Energy campaigner, Greenpeace Canada
- 514.594.1221