October 8, 2025
Dear Premier:
The signatories to this letter were generally quite pleased to see the direction given by Minister McKay to the Public Utilities Board (PUB) in his letter to the Board dated April 16, 2025. It specifically expressed the desire of your Government to promote the growth of renewable power generation in the territories, which is laudable.
At the same time as the government is taking action to reduce greenhouse gases, however, other government activities undercut this good work. We’re referring to public pension plan investments in fossil fuels. According to Statistics Canada, Canadian pension plans have billions invested in fossil fuel industries.
These pension funds are the retirement savings of many – indeed of most northerners. It’s completely incongruous for these funds to be investing in industries that are threatening the future wellbeing of plan members.Despite the GNWT having little direct control over the administration of most pension plans, it does have a responsibility to protect the interests of northerners to the extent that it can. For this reason, we ask that your government write to (and meet with?) the administrators of pension plans with northern members to ask them to conduct an orderly divestment from fossil fuel businesses. At a minimum, included would be the Canada Pension and Superannuation Plans. You also have direct influence over the administration of the MLA pension plan and possibly an indirect sway over the Northern Employees Benefits Plan and the Workers Safety and Compensation Commission investment funds.
We encourage you to take this action in the context of the recent announcement from Canada Pension Plan Investments, the Crown Corporation responsible for managing and investing the funds contributed to the Canada Pension Plan, that it will back away from the net zero policy it had been operating under. This is shocking and needs strong voices raised in objection. We hope that your government can be one of these voices.
We would appreciate receiving a copy of the letters that you write and reports of meetings convened.
Yours sincerely;
