“…Studies argue that in Canada, because of the dependency on fossil fuel, divestment would not be possible without being exposed to higher risk (Ritchie & Dowlatabadi, 2015). Other studies on SRI in Canada, however, proposed a positive correlation between CSP and financial performance for Canadian firms (Makni, Francoeur, & Bellavance, 2009), but did not suggest significant differences in the financial performance of responsible investment funds and conventional funds (Bauer, Derwall, & Otten, 2007). Weber (2016), however, found that Canadian funds that are less exposed to climate risks outperform their competitors with higher climate risk exposure and Rubin suggests that fossil fuel divestment will increases financial returns in Canada (Rubin, 2016).…”