HOOPP’s Climate Scores
The 2022 Canadian Pension Climate Report Card assesses large Canadian pensions on their handling of climate-related risks. Read the analysis to learn how HOOPP scores on climate, including an overall score and subscores in the categories of Paris-Aligned Target, Interim Climate Targets, Climate Urgency, Climate Engagement, Climate Integration and Fossil Fuel Exclusions. The analysis is based on publicly available information to December 31, 2022.
Updates since December 31, 2022
On March 13, 2023, HOOPP released its inaugural Climate Strategy, and on March 17, 2023 released its 2022 Taskforce for Climate-Related Financial Disclosures. See Shift’s statement here.
Elements of the Climate Strategy included:
an emissions intensity reduction target for 2030, which appears to equate to a 30% reduction in emissions intensity below a 2021 baseline. While the 2021 baseline includes real estate and public equities, the 2022 carbon footprint includes public equities, real estate, private equity and infrastructure asset classes;
a commitment to $23 billion in green investments, defined using the Climate Bonds Initiative taxonomy, by 2030;
a commitment that 50% of the assets in its private equity and infrastructure portfolios will be covered by a credible climate transition plan by 2030;
a commitment to, beginning in 2025, exclude “new direct investments in private thermal coal and oil exploration and production companies”;
a commitment to secure an external climate change advisor to support its governance oversight.
Other updates:
HOOPP’s 2022 Annual Report provided some details regarding HOOPP’s proxy voting in 2021.
HOOPP’s Board Chair published an op-ed with updates on the Board’s approach to climate governance.
About HOOPP
HOOPP is a defined benefit pension plan for over 400,000 Ontario healthcare sector workers, with nearly 600 participating employers including hospitals, family health teams, foundations, community health centres and other organizations and service providers.
Assets Under Management (AUM): $114.4 billion (December 31, 2021)
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