2024 Canadian Pension Climate Report Card
Shift’s third annual Canadian Pension Climate Report Card, released February 19, 2025, analyses the climate policies of Canadian pension funds based on public information disclosed to December 31, 2024.
Shift’s annual Canadian Pension Climate Report Card is an independent benchmark for evaluating the quality, depth and credibility of climate policies for 11 of Canada’s largest pension managers.
Collectively managing $2.4 trillion in retirement savings, these pension funds have all acknowledged that climate change poses significant risks for their investments. Runaway global heating and destabilizing planetary systems would threaten their ability to meet their long-term obligations to beneficiaries.
This third edition reveals Canada’s pension sector building internal climate expertise, beginning to help portfolio companies decarbonize, and moving towards strengthening fossil fuel exclusions. But the report also exposes a troubling divergence between leading and lagging institutions – and reveals which of Canada’s pension giants are well-positioned to step up as political headwinds and worsening climate impacts test their resolve.
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Dive into Each Pension Manager’s Climate Scores
Click on your pension fund for a detailed analysis of its climate scores.
For the Canada Pension Plan, select CPPIB.
(Need help finding your pension fund’s acronym? See here.)
Read the Report
Click to download the report, view the methodology, read the media release or register for the webinar.
View the Report’s Tables
Canadian Pension Funds and Indigenous Rights Policies
Three pension managers have articulated some alignment with the United Nations Declaration on the Rights of Indigenous Peoples in their Proxy Voting Guidelines. Six pension managers, including the Canada Pension Plan Investment Board, have not yet taken this step.
Pension Beneficiaries Can Take Action Now
Your pension managers need to hear from you.
Let them know that you care about how your pension savings are invested. Tell them that you want your retirement savings invested in a safe climate future for yourself, your family, and your community. Pension managers must fulfill their fiduciary duty to invest in plan members’ best long-term interests and protect your retirement security in a world that limits global heating to 1.5°C. Write to your pension manager now to share your concerns.