Achi news desk-
The Caisse Commune des Régimes de Pension des Employees Municipales de Montréal says it plans to divest from fossil fuels and plant at least 200,000 trees in the eastern end of the city.
The announcement was made Tuesday at the Montreal Climate Summit, which is being held at the Grand Pier of the Port of Montreal.
Environment Ministers Steven Guilbeau and Benoît Chart, as well as Montreal Mayor Valerie Plante, are participating in the two-day event.
More than 900 people from the business, philanthropic, labor, political, environmental and civil society communities are also expected to attend the summit, which is in its third year.
Clearance from fossil fuels
Planet also announced that Montreal will work with Commune Cais to recoup almost all of its $10 billion investment.
Currently, only 23% of these properties are managed locally, according to the city.
This collaboration aims to get rid of fossil fuels and “benefit the entire financial ecosystem of Montreal,” according to the Planet government.
“This commitment is a concrete first step and sends a strong signal to other cities, governments and public pension funds to strengthen the green economy,” said Plante.
The C40, which brings together major cities around the world for ecological transition, welcomed the initiative.
“Montreal joins other pioneering C40 cities that are using every tool at their disposal to ensure funding moves into the green economy and away from industries that pollute our planet and harm our communities,” said CEO Mark Watt.
Plante is the vice president of the C40 network.
Planting 200,000 trees
Together, the governments also announced plans to plant 230,000 trees and 57,000 shrubs in the eastern end of the city.
According to a federal government press release, the project will “strengthen the existing natural infrastructure in this area and provide access to natural environments.”
The federal government is to “contribute up to a maximum of $27,710,192 to this project under the Disaster Mitigation and Adaptation Fund (DMAF),” and the City of Montreal’s contribution “could amount to $40,000,000, or 60% of the total value of the project.”
According to the federal government, such investments “will have significant economic benefits down the road” as “every dollar invested in climate-related adaptation and disaster preparedness can yield between $13 and $15 in benefits.”
The purpose of the summit is to “identify solutions, measure collective progress and share lessons and pitfalls with the goal of accelerating Montreal’s climate transition.”
The Montreal Climate Summit is organized by the Montreal Climate Partnership (MCP) in collaboration with the City of Montreal and other partners.
— This report by The Canadian Press was first published in French on May 7, 2024.
