Statement on the UPP’s Net-Zero by 2040 Emissions Commitment and Coal Exclusion Policy
The University Pension Plan’s (UPP) newly released Climate Action Plan, including its net-zero emissions by 2040 commitment, has unequivocally established the fund as a climate leader in Canada’s pension sector. It’s clear that the UPP is listening to, learning and acting on the concerns of its members, including those who are experts in climate science, sustainable finance and climate and energy policy.
NEW REPORT: Canadian pension fund investment managers’ entanglement with fossil fuel industry raises conflict of interest concerns
New analysis finds 80 Canadian pension managers with 124 different roles at 76 fossil fuel companies, raising critical beneficiary questions about fiduciary duty and pension administrators’ conflicts of interest on climate-related investment decisions. The report from Shift Action for Pension Wealth and Planet Health reveals the deep entanglement between the fossil fuel industry and directors, trustees and investment managers at Canada’s largest public pension funds.
Statement on PSP Investments' New Climate Strategy
Today’s release of the Public Sector Pension Investment Board’s (PSP Investments, or PSP) first Climate Strategy is a notable step forward in moving the pension fund’s investment strategy towards alignment with protecting the retirement savings of federal employees and averting catastrophic climate change.
ANALYSIS: New climate report shows OTPP is listening to teachers- but there’s much more to do
The Ontario Teachers’ Pension Plan, Canada’s third largest pension, committed in January to net-zero emissions by 2050, and in September set interim targets for getting there, but it wasn’t until this week that the OTPP disclosed crucial details on how exactly it plans to achieve its goals. Shift Action for Pension Wealth and Planet Health breaks down the highlights and examines what still needs to be done.
Beneficiaries warn Canada’s largest pensions of legal duty to manage climate-related financial risks
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.
Statement on the CDPQ’s oil producer divestment and new emissions intensity targets
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.
Statement on the Ontario Teachers’ Pension Plan’s new emissions intensity reduction targets
The Ontario Teachers’ Pension Plan’s (OTTP) announcement of near-term emissions intensity reduction targets is a very welcome step to ensure the retirement savings of Ontario teachers are being invested in a safe climate future. It’s the strongest climate commitment we’ve seen yet from a Canadian pension fund.
Climate Literacy Still Lacking in Canada’s Financial Institutions
Canada’s financial Institutions are facing unprecedented, existential disruptions from the climate crisis in coming years. But judging by their lacklustre action to date, you would never know it.