1. That the following delegations from Shift: Action for Pension Wealth and Planet Health, re: Municipal Pension Investments and the Climate Crisis, to the Committee of Council Meeting of March 9, 2022, be received:
1. Laura McGrath, Pension Engagement Manager
2. Paul Burns, former municipal employee and OMERS beneficiary / Pension Engagement Volunteer.
2. a. That City Council call on its representatives to OMERS, the Association of Municipalities of Ontario (AMO), and on AMO’s advisors at the Municipal Employer Pension Centre of Ontario (MEPCO), to request that OMERS safeguard its members’ retirement savings from climate-related financial risks by aligning with the City of Brampton’s Community Energy and Emissions Reduction Plan in its investment decisions and climate commitments, with a goal of limiting the global average temperature increase to 1.5°C, and that OMERS implement a plan to phase out investments in high-risk coal, oil, gas, and related infrastructure, and to screen out new fossil fuel investments; and
b. WHEREAS the City of Brampton has committed to a 30% reduction in GHG emissions from 2015 baseline by 2030, a 50% reduction in GHG emissions from 2015 baseline by 2040 and a 80% reduction in GHG emissions from 2015 baseline by 2050; and
WHEREAS the City of Brampton committed to demonstrating leadership on climate action by implementing the Community Energy and Emissions Reduction Plan and approving the Centre for Community Energy Transformation; and
WHEREAS the City of Brampton and organizations such as the Association of Municipalities of Ontario (AMO), Municipal Employer Pension Centre of Ontario (MEPCO), and OMERS can utilize their positions to shift investment focus into climate solutions; and
WHEREAS continued investment in fossil fuels exposes the investment portfolio to a sector that, for the previous decade, has underperformed financially, and continues to expose the portfolio to climate-related financial risk; and
WHEREAS other Ontario municipalities, including Toronto and Kingston, have already called on OMERS to reduce their investment exposure to fossil fuels; and
WHEREAS OMERS has a fiduciary duty to invest in the long-term best interest of its beneficiaries (including City of Brampton employees), including managing the significant financial risks posed by the climate crisis,
THEREFORE BE IT RESOLVED that Brampton City Council urge AMO to formally request that OMERS:
a. Implement clear and measurable targets that fully align OMERS’ investment strategy with the goals of the Paris Agreement to limit global heating to 1.5°C, including a measurable timeline to eliminate fossil fuel related investments from the fund and increase investments in profitable climate solutions;
b. Publicly provide transparent and accessible information on the climate risk exposure of OMERS’ investments, and updates on progress being taken to manage those risks and achieve the above goals, in line with the recommendations of the Task Force on Climate-Related Financial Disclosure (TCFD); and
That City Council direct the City Clerk to follow-up with AMO on this request and report back to Council on actions taken and any response from OMERS;
3. That the Minutes of the Environment Advisory Committee Meeting of February 22, 2022, to the Committee of Council Meeting of March 9, 2022, Recommendations EAC001-2022 to EAC008-2022 be approved as published and circulated.
A recorded vote was requested and the motion carried as follows.
The recommendations from the Environment Advisory Committee Meeting of February 22, 2022 were approved as follows:
EAC001-2022
That the agenda for the Environment Advisory Committee Meeting of February 22, 2022, be approved, as published and circulated.
EAC002-2022
That the delegation from Laura McGrath, Pension Engagement Manager, Shift: Action for Pension Wealth and Planet Health, to the Environment Advisory Committee meeting of February 22, 2022, re: Municipal Pension Investments and the Climate Crisis, be received.
EAC003-2022
That, it is the position of the Environment Advisory Committee:
1. That City Council call on its representatives to OMERS, the Association of Municipalities of Ontario (AMO), and on AMO’s advisors at the Municipal Employer Pension Centre of Ontario (MEPCO), to request that OMERS safeguard its members’ retirement savings from climate-related financial risks by aligning with the City of Brampton’s Community Energy and Emissions Reduction Plan in its investment decisions and climate commitments, with a goal of limiting the global average temperature increase to 1.5°C, and that OMERS implement a plan to phase out investments in high-risk coal, oil, gas, and related infrastructure, and to screen out new fossil fuel investments; and
2. That City Council give consideration to passing the following resolution:
WHEREAS the City of Brampton has committed to a 30% reduction in GHG emissions from 2015 baseline by 2030, a 50% reduction in GHG emissions from 2015 baseline by 2040 and a 80% reduction in GHG emissions from 2015 baseline by 2050; and
WHEREAS the City of Brampton committed to demonstrating leadership on climate action by implementing the Community Energy and Emissions Reduction Plan and approving the Centre for Community Energy Transformation; and
WHEREAS the City of Brampton and organizations such as the Association of Municipalities of Ontario (AMO), Municipal Employer Pension Centre of Ontario (MEPCO), and OMERS can utilize their positions to shift investment focus into climate solutions; and
WHEREAS continued investment in fossil fuels exposes the investment portfolio to a sector that, for the previous decade, has underperformed financially, and continues to expose the portfolio to climate-related financial risk; and
WHEREAS other Ontario municipalities, including Toronto and Kingston, have already called on OMERS to reduce their investment exposure to fossil fuels; and
WHEREAS OMERS has a fiduciary duty to invest in the long-term best interest of its beneficiaries (including City of Brampton employees), including managing the significant financial risks posed by the climate crisis,
THEREFORE BE IT RESOLVED that Brampton City Council urge AMO to formally request that OMERS:
a. Implement clear and measurable targets that fully align OMERS’ investment strategy with the goals of the Paris Agreement to limit global heating to 1.5°C, including a measurable timeline to eliminate fossil fuel related investments from the fund and increase investments in profitable climate solutions;
b. Publicly provide transparent and accessible information on the climate risk exposure of OMERS’ investments, and updates on progress being taken to manage those risks and achieve the above goals, in line with the recommendations of the Task Force on Climate-Related Financial Disclosure (TCFD); and
That City Council direct the City Clerk to follow-up with AMO on this request and report back to Council on actions taken and any response from OMERS.
EAC004-2022
That the presentation by Zoe Milligan, Environmental Project Specialist, Public Works and Engineering, to the Environment Advisory Committee meeting of February 22, 2022, re: No Mow Sites 2022 and Naturalization Programs Update, be received.
EAC005-2022
That the presentation by Elise Mackie, Coordinator, Stormwater Education and Outreach, Public Works and Engineering, to the Environment Advisory Committee meeting of February 22, 2022, re: 2022 Earth Day Environmental Celebrations, be received.
EAC006-2022
That the verbal update from Stavroula Kassaris, Policy Planner - Environment, Public Works and Engineering, to the Environment Advisory Committee meeting of February 22, 2022, re: CCET Transition Board Recruitment, be received.
EAC007-2022
That the verbal update from Kristina Dokoska, Environmental Planner, Public Works and Engineering, to the Environment Advisory Committee meeting of February 22, 2022, re: Grow Green Awards, be received.
EAC008-2022
That the Environment Advisory Committee do now adjourn to meet again on Tuesday, April 19, 2022 at 6:00 p.m. or at the call of the Chair.