The Ontario Teachers’ Pension Plan (OTPP) 2024 Annual Report, includes an update on the fund’s climate strategy. OTPP continues to make progress on its climate strategy and invest in opportunities that “help to accelerate the broad transition to a low-carbon future.” But the pension manager’s most recent annual report comes a month after OTPP fell out of the top three spots on Shift’s 2024 Canadian Pension Climate Report Card because of its lack of ambition and continued investments in high-risk fossil fuels.

The Ontario Teachers’ Pension Plan (OTPP) is the 100% owner of Heritage Royalty, a private company that holds royalty rights for approximately 4 million acres of oil and gas producing lands. As the climate crisis accelerates and jeopardizes the retirement security of thousands of Ontario teachers, their families and their students, OTPP members deserve answers from their pension managers about the role this investment has played in increasing oil and gas production and pumping carbon pollution into the atmosphere—and the associated risks Heritage Royalty raises for the pension fund.