The OTPP Board of Directors just announced they are investing $1 billion dollars of Ontario taxpayers’ contributions to their pension plan but it will be in other countries. They claim it’s a good thing as it will help them achieve “net-zero emissions” presumably by creating jobs elsewhere! We should not it’s not the first time they have done that!
Earlier investments have gone to Cubico Sustainable Investments, with their headquarters in London, England. Cubico has offices in ten (10) countries but Canada is not one of them and their portfolio includes onshore wind, solar, transmission and distribution assets. OTPP have invested in Anbaric Development Partners who are involved in transmission and storage projects in the U.S.A. They are also invested in NextEra Energy (U.S.$864 million invested) another US company. NextEra took advantage of Ontario’s Green Energy Act to build several intermittent and unreliably IWT (industrial wind turbines) and solar projects in Ontario and then sold them off to none other than the CPPIB (Canadian Pension Plan Investment Board).
The latest announcement relates to OTPP’s US$1 billion investment in Corio Generationof Australia who actively pursue offshore wind contracts and the article in the Financial Post noted: “The joint venture will fund the development of 14 fixed-bottom and floating projects in South Korea, Taiwan, Japan, Ireland and the United Kingdom, all of which are currently in development by Corio with an initial target of up to nine gigawatts.” Once again, the OTPP is investing in other countries to create jobs.
In 2020-2021, there were 130,923.28 full time equivalent (FTE) teachers, according to the Ontario Ministry of Education and 2,025,258 students which on average is 15.46 students per teacher. The 2021 OTPP report noted: “We deliver retirement security to 333,000 working members and pensioners.” The average pension benefit per retired teacher was $36K; based on the 2021 OTPP report noting $6.909 billion was the amount delivered for “pension benefits! On another note, the Ontario Ministry of Education’s annual budget for 2021-2022 year was $33 billion which works out to $250K per “full time equivalent” teacher for just that year.
Based on the above information we taxpayers are doing a fine job of ensuring public school teachers are; not overworked, well paid and secure in the pension benefits they will receive when they retire!
So, the question becomes why is their Pension Plan so determined to create jobs in other countries instead of Ontario and Canada whose private sector taxpayers pick up all the costs associated with their employment and retirement benefits?
The investments they continue to make suggest it is apparent the Board of the OTPP have fully endorsed “net-zero” and all of the false promises our PM Justin Trudeau made at the COP-26 Conference related to job creation.
No doubt us taxpayers should assume if those OTPP investments don’t work out the teachers using our contributions to create those “net-zero” jobs (everywhere but Canada) will come cap-in-hand to the Ontario Ministry of Education seeking more of our tax dollars to ensure they are able to retire in comfort.