2025 Canadian Pension Climate Report Card
Ontario Municipal Employees Retirement System (OMERS)
With an overall B-, OMERS has for the first time moved into the overall B range in the Canadian Pension Climate Report Card.
After improving its scores on a number of indicators in 2023 and 2024, OMERS also earned two score increases in 2025. The investment manager’s divestment of BridgeTex, a crude oil pipeline in Texas, builds upon previous efforts to move capital out of private fossil fuel assets and to invest in electrification, energy storage and renewables. These portfolio shifts have, over time, demonstrated OMERS’ efforts to contribute to the decarbonization of the real economy, leading to an increase in the pension fund’s score in the Paris-Aligned Target category. Additionally, OMERS’ continued year-over-year build-out of tools to measure and manage climate-related risks has this year added up to an increase in its score on Climate Integration.
However, OMERS needs to make additional improvements if it wishes to firm up its place in the leader category. While the fund has met its 2030 emissions intensity target, it has announced no further climate ambition, and its fossil fuel exclusion policy is less fulsome than those of Quebec pension manager La Caisse, the Healthcare of Ontario Pension Plan (HOOPP), the Investment Management Corporation of Ontario (IMCO) and Ontario's University Pension Plan (UPP).
OVERALL SCORE
B-
Paris-Aligned Target
A-
Interim Targets
B-
Climate Urgency
B
Climate Engagement
C
Climate Integration
B-
Fossil Fuel Exclusions
D
OMERS is the investment manager for the pension fund of Ontario’s municipal workers, with 640,000 active, deferred and retired members and over 1,000 participating employers (ranging from large cities to local agencies). Members include union and non-union employees of municipalities, school boards, transit systems, electrical utilities, emergency services and children’s aid societies.
Assets Under Management (AUM): $140.7 billion (June 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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