The Climate-Related Financial Risks Facing the Canada Pension Plan
The Canada Pension Plan Investment Board (CPPIB, or CPP Investments) is Canada’s national pension investment manager, responsible for investing over $700 billion on behalf of 22 million contributors and beneficiaries.
CPPIB’s legal mandate is to maximize returns without taking on undue risk of loss. But CPPIB continues to invest billions in fossil fuel companies and infrastructure, despite mounting evidence that these investments pose growing climate-related financial risks.
In May 2025, CPPIB quietly abandoned its net-zero commitment, even as climate change threatens the long-term stability of our economy and pension system.
In October 2025, four young Canadians launched a landmark legal challenge against CPPIB, alleging that the fund is breaching its fiduciary duties and failing to protect their pensions – and those of future generations – by not prudently managing the financial risks of runaway climate change.
Read on for Shift’s detailed analyses, resources and action tools on CPPIB’s approach to climate-related financial risks and continued investment in fossil fuels.
Background: the Canada Pension Plan Investment Board (CPPIB)
Overview of CPPIB’s role, mandate, and investment responsibilities
Four young Canadians file a landmark lawsuit to protect the CPP from alleged climate risk mismanagement
Shift’s deep dive into CPPIB’s private fossil fuel assets
Shift’s Analysis and Reports
CPPIB abandons its net-zero commitment and its obligations to Canadians
May 2025
REPORT: Ongoing fossil fuel ties on pension boards raise conflict of Interest concerns
June 2025
Shift warns Chief Actuary is underestimating climate risk to pensions
August 2025
See how CPPIB’s scores compared to other pension funds in Shift’s 2024 Canadian Pension Climate Report Card
February 2025
See Shift’s detailed analysis of CPPIB’s approach to climate risk and fossil fuels
February 2025
Read Shift’s quarterly update on CPPIB-owned fossil fuel companies, CPPIB Watch
Quarterly
Shift Op-Eds on CPPIB and Climate-Related Financial Risk
Feds must consider oil and gas conflicts for Canada Pension Plan appointees
August 2025
The high-risk climate contradictions of the Canada Pension Plan
July 2024
Canada is burning, so why is our national pension fund still heavily into fossil fuels?
August 2023
Take Action – Write to CPPIB Today
Support the young Canadians suing CPPIB to protect the CPP from alleged climate risk mismanagement
Tell federal decision makers: Canadians need climate expertise, not fossil fuel ties, on the board of the Canada Pension Plan
Demand CPPIB re-commits to net-zero emissions and protects the financial future of 22 million Canadians
