CPP Investments (CPP) has taken an important step today in recognizing that the long-term success of our national retirement fund is directly linked to addressing the climate crisis. While Shift is relieved to see the CPP finally catch up with its peers in making this essential net-zero commitment, the fund does not yet have a credible plan for achieving it and decarbonizing its significant fossil fuel assets.

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.

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.

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.