Other Climate-Related Targets
As part of the 2023 Canadian Pension Climate Report Card, Shift identified the emissions reduction targets and the other climate-related targets (or lack thereof) for 11 Canadian pension managers. Other climate-related targets appear below.
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.
You can view a downloadable version of this table here.
| Pension Manager | Other Climate-Related Targets | Progress Reported Toward Targets in 2023 |
|---|---|---|
| AIMCo | Energy transition and decarbonization investment* $1 billion fund "dedicated to investing in the global energy transition and decarbonization sectors" (announced in early 2024, no target date) |
Energy transition and decarbonization investment n/a |
| BCI | Sustainable bonds By 2025: $5 billion invested in sustainable bonds. Mature net-zero aligned commitments for carbon-intensive investments By 2030: 80% of "carbon-intensive investments” to have "set mature net-zero aligned commitments... or are the subject of direct or collaborative climate engagement by BCI." |
Sustainable bonds Reported over $4 billion invested. Mature net-zero aligned commitments for carbon-intensive investments No update. |
| CDPQ | Investment in low-carbon assets By 2025: $54 billion invested in low-carbon assets (using Climate Bonds Initiative criteria). Decarbonization transition envelope $10 billion to decarbonize the heaviest carbon-emitting sectors (no target date). |
Investment in low-carbon assets Reported $47 billion invested. Additionally, CDPQ reported $37 billion invested in companies with a science-based decarbonization target certified by the Science Based Targets initiative. Decarbonization transition envelope Reported three investments made. |
| CPPIB | Investment in green and transition assets By 2030, $130 billion in "green and transition assets" (as per one or more of the following: International Capital Market Association Eligible Green Project sectors/sub-sectors, Climate Bonds Initiative Taxonomy Paris Agreement criteria, Science-Based Targets initiative criteria). |
Investment in green and transition assets Reported $79 billion invested. |
| HOOPP | Green investments* By 2030, $23 billion invested (Climate Bonds Initiative Taxonomy). Credible transition plans* By 2030, 50% of infrastructure and private equity portfolios covered by credible transition plans. Emissions reporting* By 2025: 80% of assets providing reported emissions [scope 1 and 2] for more accurate measurement. |
Green investments No baseline data reported. Credible transition plans No baseline data reported. Emissions reporting No baseline data reported. |
| IMCO |
Climate solutions investment By 2030, 20% of AUM invested in climate solutions (International Capital Market Association Green Bond Principles). |
Climate solutions investment Reported 11% of AUM invested. |
| OMERS |
Credible net-zero transition plans* By 2030, the 20 companies which contribute most to OMERS' financed emissions intensity will have credible net-zero transition plans. Green investments* By 2030, $30 billion invested ("some or all" alignment with International Capital Market Association Green Bond Principles, Climate Bond Initiative Taxonomy). Transition sleeve* $3 billion "for assets playing a key role in the global transition towards a lower-carbon economy" (no target date). |
Credible net-zero transition plans No baseline data reported. Green investment Reported $19 billion invested. Transition sleeve No allocations reported. |
| OPTrust |
Climate evaluations on investment partners* By 2025, "phase in climate evaluations on core, strategic investment partners." Enhanced climate due diligence* By 2025, "implement enhanced climate due diligence on 100% of new direct investments and external partner commitments." Emissions data* By 2025, "engage with 100% of core, strategic investment partners and higher-risk directly owned assets to advocate for collection and reporting of emissions data," achieving coverage for over 75% of portfolio emissions. |
Climate evaluations on investment partners n/a Enhanced climate due diligence n/a Emissions data No baseline data reported. |
| OTPP |
Credible, science-based net-zero plan and targets, including scope 3 when material By 2025, two-thirds of the portfolio's emissions covered by such plans and targets. By 2030, 90% of the portfolio's emissions covered by such plans and targets. Green Investments $50 billion invested (no target date) ("green investments are companies that generate clean energy, reduce demand for fossil fuels and build a sustainable economy"). High carbon transition assets $5 billion to accelerate these assets' paths to decarbonization (no target date). |
Credible, science-based net-zero plan and targets, including scope 3 when material No update reported. Green investments Reported $34 billion invested. High carbon transition assets No update reported. |
| PSP |
Mature science-based transition plan By 2026, assets representing 50% of the porfolio's carbon footprint will be covered by such a plan. Green assets By 2026, $70 billion invested in "low-carbon activities that lead to positive environmental impacts.” Transition assets By 2026, $7.5 billion in "investments that have committed to make a substantial contribution to the low-carbon transition through the establishment of public targets and disclosure practices.” Reduce exposure to "carbon-intensive assets” By 2026, reduce $7.8 billion exposure to "high carbon or hard to abate assets with no evidence of a transition plan" by 50%. Emissions data By 2026, obtain GHG data for 80% of in-scope portolio, with intention to add scope 3. Sustainable bonds* By 2026, commit 10% of long-term debt financing to sustainable bonds. |
Mature science-based transition plan No update reported. Green assets Reported $48.9 billion invested. Transition assets Reported $7.8 billion invested. Reduce exposure to "carbon-intensive assets” Reported exposure had increased to $12.7 billion, which PSP attributed to improved data collection and methodology and reclassification. Emissions data Reported scope 1 and 2 data for 54% of assets in-scope. Sustainable bonds* Commitment made in 2023; has not yet reported progress. |
| UPP |
Climate engagement Committed to engage the 20 highest emitting companies in its portfolio on climate. Climate solutions* By 2030, $1.2 billion invested in climate adaptation or mitigation assets or climate solution funds (defined by referencing the EU taxonomy and Climate Bonds Initiative Standard). |
Climate engagement Announced it would engage using its 2023-2025 Climate Stewardship Plan with 27 companies in three focus categories: 1) banks; 2) high-emitting Canadian companies; 3) oil companies with a significant impact on UPP's carbon footprint. Climate solutions No baseline data reported. |
| * indicates commitment was made in 2023, or, in AIMCo's case, early 2024. | ||
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