Total Portfolio Emissions Reduction Targets
As part of the 2023 Canadian Pension Climate Report Card, Shift identified the 2025, 2030 and 2050 total portfolio emissions reduction targets (or lack thereof) for 11 Canadian pension managers. Information is current to December 31, 2023. Details and sources for the estimates can be found in each individual pension fund’s report card analysis.
Targets are for scope 1 and 2 emissions except where otherwise specified.
You can view a downloadable version of this table here. Other climate-related targets can be found here.
| Pension Manager | 2025 | 2030 | 2050 | Progress Reported Toward Targets in 2023 |
|---|---|---|---|---|
| AIMCo | None | None | None | No targets to report against. Reported that both emissions intensity and absolute emissions for the portfolio were higher in 2022 than in 2021. |
| BCI | None | None | None | No targets to report against. Public equities: BCI has committed to reduce the emissions intensity of its public equities portfolio by 30% below 2019 levels by 2025 and reported a 24% reduction. |
| CDPQ | 25% reduction in emissions intensity below 2017 levels (achieved in 2021) | 60% reduction in emissions intensity below 2017 levels¹ | net-zero | Emissions intensity Reported 53% below 2017 levels. |
| CPPIB | None | None | net-zero, with explicit inclusion of scope 3 | No targets to report against. Reported that portfolio emissions are likely to increase in the near term. |
| HOOPP | None | 30% reduction in emissions intensity below 2021 levels*² | net-zero | Interim target set in 2023; has not yet reported progress toward target. Real estate: HOOPP has committed to reduce absolute emissions by 50% below 2019 levels by 2030 in real estate assets over which the fund has operational control. HOOPP's 2022 Real Estate Sustainability Report reported 2022 levels compared to 2021 levels but did not report progress against 2019 levels. |
| IMCO | None | 50% reduction in emissions intensity below 2019 levels³ | net-zero | Emissions intensity Reported 40% below 2019 levels. |
| OMERS | 25% reduction in emissions intensity below 2019 levels (achieved in 2022) | 50% reduction in emissions intensity below 2019 levels* | net-zero | Emissions intensity Reported 32% below 2019 levels. |
| OPTrust | None | 30% reduction in emissions intensity below 2022 levels* | net-zero | Interim target set in 2023; has not yet reported progress toward target. |
| OTPP | 45% reduction in emissions intensity below 2019 levels | 67% reduction in emissions intensity below 2019 levels | net-zero | Emissions intensity Reported 32% below 2019 levels. Absolute emissions Reported absolute emissions reduction of 3% below 2019 levels. |
| PSP | 20-25% reduction in emissions intensity below 2021 levels, by 2026 | None⁴ | None | Emissions intensity Reported 11% reduction below 2021 levels. Absolute emissions Reported absolute emissions reduction of 22% between Fiscal Years 2022 and 2023. |
| UPP | 16.5% reduction in emissions intensity below 2021 levels⁵ | 60% reduction in emissions intensity below 2021 levels⁵ | by 2040: net-zero |
Emissions intensity Reported 4% reduction below 2021 levels. |
| Notes:
* Indicates commitment was made in 2023. ¹ To date, CDPQ is not measuring Scope 3 emissions. CDPQ is a member of the Net Zero Asset Owner Alliance, whose guidance is to include Scope 3 emissions in sector targets where possible, and that Scope 3 be tracked in sub-portfolio targets. See https://www.unepfi.org/net-zero-alliance/resources/target-setting-protocol-second-edition/. ² HOOPP did not express the goal in terms of a percentage reduction, but as a commitment to have "reduced our portfolio's carbon footprint to 28tCO2eq/$M, compared to our baseline of 41tCO2eq/$M at the end of 2021." ³ IMCO reported scope 3 emissions as of its 2022 ESG Report. ⁴ PSP has committed to develop additional targets for 2027-2050. ⁵ UPP reported scope 3 emissions for its portfolio as of its 2022 Annual Report. |
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