2025 Canadian Pension Climate Report Card
British Columbia Investment Management Corporation (BCI)
BCI has communicated support for the global goal of net-zero, engages with public companies on climate, and has made progress in lowering the carbon intensity of its own portfolio and investing in sustainable bonds. But BCI has still failed to commit its own portfolio to net-zero, its climate action plan from 2022 has grown stale, and the fund lacks comprehensive interim targets.
BCI has set out more rigorous climate expectations for public companies than most other funds, has committed that it will require 80% of its most carbon-intensive assets to develop credible transition plans by 2030, and contributes to policy processes that aim for climate alignment. However, BCI seems to undermine its own efforts by failing to establish consequences for portfolio companies that don't have transition plans, by failing to disclose how its fossil fuel assets can be aligned with a safe climate, and by failing to place exclusions on investments in new fossil fuel assets.
OVERALL SCORE
C-
Paris-Aligned Target
F
Interim Targets
D
Climate Urgency
B-
Climate Engagement
B+
Climate Integration
C+
Fossil Fuel Exclusions
F
BCI serves as the investment manager for more than 778,000 participants in public pension plans throughout British Columbia. These plans include the Municipal Pension Plan, Public Service Pension Plan, Teachers’ Pension Plan, College Pension Plan, BC Railway Company Pension Plan, WorkSafeBC Pension Plan, BC Hydro Pension Plan, as well as pension plans for staff and faculty at the University of Victoria. BCI also manages insurance and benefit funds for over 2.7 million workers in BC.
Assets Under Management (AUM): $295 billion (March 31, 2025)
The 2025 Canadian Pension Climate Report Card analyses, assesses and ranks the progress made by eleven of Canada’s largest pension managers and two international pension managers in their approach to climate risk and investment decisions as they relate to the climate crisis. The report is based on publicly available information to December 31, 2025. Cover image credit: Jim Peaco / National Park Service.
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