HOOPP’s 2023 Annual Report and 2023 Climate Disclosure, released in March, recap HOOPP’s inaugural Climate Strategy, describe a number of incremental improvements to the pension fund’s internal management of climate-related risk and provide moderately increased transparency to beneficiaries. If HOOPP can acknowledge the limits of engagement with fossil fuel companies and reduce its exposure to this declining industry, then the pension fund would be well on its way to protecting its portfolio from stranded asset risk.

Shift welcomes the release of the Climate Engagement Canada Focus List. Company engagement is an essential part of any credible finance institution’s zero-emissions transition strategy. There are however, some important caveats to engagement which must be considered, especially when it comes to oil and gas companies.

If HOOPP outlines how it will address carbon pollution from heating, demonstrates absolute emissions reductions in its real estate scorecard reports, and aligns investing across its portfolio with a strategy for grid decarbonization, then HOOPP’s real estate assets can be a beacon on the way to a climate-safe future.

HOOPP has lagged its peers on climate, but is finally laying the groundwork needed to catch up. Shift Action for Pension Wealth and Planet Health is encouraged to see the fund finally starting to develop and announce pieces of a credible climate strategy.