2025 Canadian Pension Climate Report Card
Investment Management Corporation of Ontario (IMCO)
IMCO, which had pulled itself up to an overall B+ in last year’s report card, this year slips slightly to an overall B. While the investment manager reiterated its commitment to implementing a net-zero strategy, it did so quietly, with an unannounced, undated 2025 climate action plan appearing on its website sometime during the year. The 2025 climate action plan quietly revised IMCO’s climate solutions target and removed mention of a previously disclosed "clean energy transition" commitment.
More positively, IMCO’s updated plan demonstrated the investment manager making progress on the integration and implementation of its climate strategy. IMCO disclosed a taxonomy for classifying climate solutions, a taxonomy for the climate-alignment of portfolio companies, and a matrix for evaluating these companies' "climate maturity". IMCO also reiterated its commitment to "phasing out investments in new unabated fossil fuel assets" and to limiting exposure to thermal coal mining and Arctic drilling.
IMCO can anticipate bringing its overall score back up in 2026 if it continues to strengthen and implement its climate strategy and demonstrates using its voice and influence to push for climate-aligned policy.
OVERALL SCORE
B
Paris-Aligned Target
A
Interim Targets
C+
Climate Urgency
A-
Climate Engagement
B
Climate Integration
B+
Fossil Fuel Exclusions
C+
IMCO is the investment manager for the Ontario Pension Board (OPB), which administers the $34.1 billion Ontario Public Service Pension Plan on behalf of 100,000 current and former Ontario public servants. IMCO is also the investment manager for other Ontario public sector clients: the Provincial Judges’ Pension Board, the Workplace Safety and Insurance Board (WSIB)'s insurance and benefit funds, and the WISE Trust (which administers the WSIB Employees’ Pension Plan). IMCO onboarded four new clients in 2024: Ontario’s Pension Benefits Guarantee Fund, Tarion Warranty Corporation’s Guarantee Fund, the City of Ottawa’s OC Transpo employees’ defined benefit pension plan, and the Ontario Clean Water Agency’s reserve fund.
Assets Under Management (AUM): $86 billion (December 31, 2024)
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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