OMERS took a significant step forward in 2023 by releasing its Climate Action Plan. But the pension manager still has work to do to strengthen its ambition, demonstrate actual emissions reductions in its portfolio and the real economy, improve its climate engagement and disclosure, safeguard significant investments from physical and transition risks, and place exclusions on new fossil fuel investments. Shift looks forward to OMERS improving on these measures and providing further updates to its beneficiaries.

OMERS’ 2022 Annual Report, released February 27, 2023, shows that the pension fund is making progress in its approach to climate-related financial risk, although significantly more action still needs to be taken. Expectations are high for OMERS’ forthcoming Climate Action Plan.

Yesterday, OMERS became the fourth Canadian pension manager to commit to achieving net-zero emissions by 2050. While we welcome this positive step, OMERS has a long way to go to transition its portfolio onto a zero emissions pathway.