2025 Canadian Pension Climate Report Card
University Pension Plan (UPP)
In 2025, UPP continued to be a climate leader among Canadian pension funds. It is the only fund examined in this report to have a net-zero commitment for 2040, with commensurate interim targets and engagement approaches. UPP stands out for the specificity of its Climate Stewardship Plan, which outlines how UPP engages on Paris-aligned outcomes with different sector companies and on policy, and clear evidence of follow-through. The fund's Climate Transition Investment Framework sets out climate-related thresholds for investment and its Investment Exclusion Policy has laid the groundwork for fossil fuel exclusions, although UPP has not yet committed to exclude investments in oil, gas and related fossil fuel infrastructure.
Looking ahead to 2026, UPP should not let its leadership wane: the fund must strengthen its exclusion policy to cover all fossil fuels and related infrastructure, update its Climate Stewardship Plan that guided the fund through 2023-2025, and revisit its interim targets as it approaches their achievement.
OVERALL SCORE
B+
Climate Urgency
A+
Climate Engagement
A-
Climate Integration
B+
Fossil Fuel Exclusions
C-
Interim Targets
B
Paris-Aligned Target
A
UPP is a jointly sponsored pension plan for Ontario’s university sector, launched in 2021. Its over 41,000 members span faculty and staff at 14 sector organizations and five Ontario universities (Queen’s University, University of Guelph, Trent University, University of Toronto and Victoria University) with Wilfrid Laurier University set to join in 2026.
Assets Under Management (AUM): $12.8 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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