During the summer, wildfires devastated Canada, partially fueled by climate change exacerbated by fossil fuel emissions. Some Canadians protested their pension fund’s investments in a Colorado oil and gas company, Civitas Resources, blaming it for exacerbating climate issues. Despite promises to decarbonize by 2050, the Canadian Pension Plan Investment Board holds a significant stake in Civitas.
Capital & Main January 10, 2024: Fast-Growing ‘Carbon-Neutral’ Energy Company Ramps Up Oil and Gas Production
Private equity firms, including Civitas’ onwner Kimmeridge Energy Management Company LLC, invest heavily in the oil and gas sector, raising concerns about their commitment to emission reduction. Civitas claims to be carbon-neutral but fails to account for emissions from product combustion. Despite criticisms, Civitas continues to expand its operations, acquiring shale assets in New Mexico and Texas. Such acquisitions are crucial for Civitas to sustain its business model and generate profits for investors.