PSP’s 2022 Responsible Investment Report, released on November 10th, demonstrates that PSP is responding to calls from beneficiaries for increased disclosure of how it’s handling climate-related risks and putting in place the building blocks to execute its Climate Change Strategy. But a close read of these documents shows that despite clear and laudable signs of progress, PSP is still falling short.

While BCI is responding to calls from beneficiaries for increased disclosure of how it is handling climate-related risks, the investment manager has minimal investments in climate solutions, remains invested in risky high-carbon assets without credible decarbonization pathways, and continues its futile attempts to engage with fossil fuel companies that are failing on climate action.

We are pleased to see IMCO join the growing ranks of global asset owners and managers committing to change their investment strategies to ensure the retirement savings of Ontario public employees are invested in a safe climate future.

Letters were delivered today to the boards and executive of Canada’s 10 largest pension fund managers requesting information on how the funds are meeting their legal fiduciary obligations to beneficiaries in the face of a worsening global climate crisis.

The Caisse de dépôt et placement du Québec’s (CDPQ) move to exclude investments in oil producers from its portfolio by the end of 2022 is a welcome and significant move that improves the CDPQ’s position as a climate leader among Canada’s major financial institutions. It is amazing that it took until 2021 for a Canadian pension fund to finally recognize that protecting our retirement savings from the worsening climate crisis inevitably requires abandoning market exposure to high-risk fossil fuels.