Shift, represented by environmental law charity Ecojustice, has written to Canada's Office of the Chief Actuary (OCA) warning that the OCA is severely underestimating the systemic financial risks of climate change in its valuation assessments. Shift and Ecojustice are concerned that the OCA is failing to assess the cascading economic and financial impacts of a rapidly warming world. This could have potentially severe consequences for the Canada Pension Plan (CPP) and the Public Sector Pension Plan (PSPP), which collectively have more than $1 trillion in retirement savings under management on behalf of millions of Canadians.

Today, Shift released a new report, Entrenched Interests: Fossil Fuel Ties on Canada’s Pension Boards. The report reveals entanglements between Canadian pension fund boards and the fossil fuel industry which create potential conflicts of interest that can undermine pension funds’ ability to manage climate-related financial risks that threaten the retirement savings of millions of Canadians.

Today, Shift released a new report, Gaslighting the Energy Transition: Hydrogen cannot prevent investments in gas from putting planet and profits at risk. The report reveals the exposure of Canadian pension funds to significant financial risks and climate impacts through their multi-billion-dollar investments in gas infrastructure companies outside Canada that face terminal decline as the energy transition accelerates.

Amidst a worsening climate crisis and an accelerating energy transition, the Canada Pension Plan Investment Board (CPP Investments, or CPPIB) has so far committed at least C$3.3 billion to new oil, gas, coal and pipeline assets in 2024. These investments will either become stranded assets in a decarbonizing world, or they’ll prolong and expand the use of fossil fuels in ways that accelerate the climate crisis, threaten the sustainability of the Canada Pension Plan and undermine the retirement security of Canadians. Either option is a bad outcome for CPPIB.

The Canada Pension Plan Investment Board’s (CPPIB) proposed acquisition of Allete could become a smart investment in a major U.S. electric utility player– but not without a clear and credible climate-aligned transition plan for all of Allete’s subsidiaries. We are concerned that CPPIB’s announcement does not include any mention of the actions required to retire Allete’s risky and climate-polluting coal and gas assets in line with CPPIB’s net-zero commitment and global climate goals.

The Canada Pension Plan Investment Board (CPP Investments, or CPPIB) marked Earth Day by committing US$300 million to fracking expansion in Ohio. While CPPIB announced nothing about the investment, Houston-based oil and gas company Encino Acquisition Partners LLC (Encino Energy, or EAP), which is 98% owned by CPPIB, announced CPPIB’s commitment to “EAP’s accelerated development of the Utica oil play.”

The financial sector is making voluntary net-zero commitments, but Canada's financial system continues to make investments that are fuelling the climate crisis. This 'say-do' gap puts our climate, economy, and the savings of everyday Canadians at risk. A new report, Roadmap to a Sustainable Financial System in Canada, shows why regulations are needed now to align Canada's federally-regulated financial flows with its climate goals.

100 faculty and staff from Queen’s University, the University of Guelph (UofG) and the University of Toronto (UofT) are calling on the University Pension Plan (UPP) to exclude fossil fuels from its portfolio and adopt an industry-leading climate policy.