2025 Canadian Pension Climate Report Card
Canada Pension Plan Investment Board (CPPIB)
CPPIB ends 2025 facing a lawsuit over its handling of climate-related risk, while ranking second-lowest overall in Shift's report card. The fund has abandoned its net-zero commitment, appears to have walked away from its commitment to "green and transition" investment, and now appears to have no disclosed climate strategy.
The fund's 2025 climate-related financial disclosures failed to provide a realistic picture of the impacts that a "hot-house" climate scenario would have (both in terms of systemic risk and in terms of the impact on the fund's ability to fulfill its mandate), an issue that Shift raised in a letter to the Office of the Chief Actuary in 2025. CPPIB's leadership is failing to communicate climate urgency, with its President & CEO saying that "we like pipelines" as the fund continues to invest in fossil fuels. From October 2024 to October 2025, Shift estimates that CPPIB made new investments in fossil fuel assets totalling $7.1 billion.
CPPIB's approach stands in stark contrast to that of its Quebec counterpart, La Caisse, which has pursued a far more ambitious path on climate. Read more in our special section A tale of two pension managers.
OVERALL SCORE
D
Paris-Aligned Target
F
Interim Targets
F
Climate Urgency
D+
Climate Engagement
C+
Climate Integration
D
Fossil Fuel Exclusions
F
CPPIB manages one of the largest investment funds in the world, the Canada Pension Plan (CPP), on behalf of more than 22 million contributors and beneficiaries. Almost all working and retired Canadians outside Quebec are members of the CPP. CPPIB is a Crown corporation established by an Act of Parliament and operates at arm's length from the Government of Canada.
Assets Under Management (AUM): $777.5 billion (September 30, 2025)
The 2025 Canadian Pension Climate Report Card analyses, assesses and ranks the progress made by eleven of Canada’s largest pension managers and two international pension managers in their approach to climate risk and investment decisions as they relate to the climate crisis. The report is based on publicly available information to December 31, 2025. Cover image credit: Jim Peaco / National Park Service.
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