2025 Canadian Pension Climate Report Card
OPTrust
OPTrust’s overall score remains at C. The fund saw its scores improve on three indicators (Paris-aligned Target, Communication of Climate Urgency, and Climate Engagement) and decrease on one (Climate Integration).
OPTrust signalled its ongoing commitment to implementing a climate strategy by reiterating its net-zero by 2050 commitment and reporting progress on 2025 goals related to process and data. The pension manager has shown some efforts to contribute to real-world decarbonization through its $1.1 billion allocation to green bonds, its previously reported investments in renewable energy, and its achievement of emissions intensity reductions in private markets.
OPTrust’s climate strategy, dating back to 2022, is now in need of a refresh, as acknowledged by the fund. A refreshed strategy must include an exclusion on fossil fuel investments and disclosure of profitable, science-based transition plans for existing fossil fuel assets. In 2025, an OPTrust portfolio company worked to expand fossil fuels through a new gas-fired power project, raising concerns about the alignment of OPTrust’s capital with its stated climate goals.
OVERALL SCORE
C
Paris-Aligned Target
B+
Interim Targets
C-
Climate Urgency
B
Climate Engagement
C
Climate Integration
C
Fossil Fuel Exclusions
F
OPTrust invests and administers the OPSEU Pension Plan for more than 114,000 active and retired Ontario public servants. Most OPTrust members work for the Ontario Public Service, municipal governments and service providers, and Ontario’s public college system. Members also include Ontario Public Service Employees Union (OPSEU) members who work for private companies or organizations contracted to deliver public services, such as hospitals and medical laboratories. Through OPTrust Select, OPTrust also manages the retirement savings of employees of participating non-profit organizations.
Assets Under Management (AUM): $26.8 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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