2024 Canadian Pension Climate Report Card
Emissions Reduction Targets (Total Portfolio)
As part of the 2024 Canadian Pension Climate Report Card, Shift identified the emissions reduction targets, additional climate targets, fossil fuel exclusions, fossil fuel investments, and Indigenous rights policies of 11 Canadian pension managers. The 2025, 2030 and 2050 total portfolio emissions reduction targets (or lack thereof) appear below.
Information is current to December 31, 2024. View details and references in the pension fund analyses and in the pdf version of the table. Other climate-related targets can be found here.
Targets are for scope 1 and 2 emissions except where otherwise specified.
| Pension Manager | 2025 | 2030 | 2050 | 2024 Updates |
|---|---|---|---|---|
| AIMCo | None. | None. | None. | No total portfolio targets to report against. No emissions data reported. |
| BCI | None. | None. | None. | No total portfolio targets to report against. Portfolio carbon footprint decreased to 31% below Fiscal Year 2020 levels. Emissions intensity in public equities portfolio decreased to 40% below 2019 levels. |
| CDPQ | 25% reduction in emissions intensity below 2017 levels (achieved in 2021). | 60% reduction in emissions intensity below 2017 levels. | Net-zero. | Emissions intensity decreased to 59% below 2017 levels, "associated with a sharp drop in the portfolio's absolute footprint." |
| CPPIB | None. CPPIB has publicly stated that it actively decided not to set interim targets. |
None. CPPIB has publicly stated that it actively decided not to set interim targets. |
Net-zero, with explicit inclusion of scope 3 emissions. | No interim targets to report against. |
| HOOPP | None. | 30% reduction in emissions intensity below 2021 levels. | Net-zero. | Emissions intensity decreased to 12% below 2021 levels, but HOOPP has not yet reported the percent of AUM in scope. Absolute emissions for the footprinted portfolio (includes public equities, real estate, private equity, and infrastructure) decreased to 11% below 2021 levels. |
| IMCO | None. | 50% reduction in emissions intensity below 2019 levels. | Net-zero. | Emissions intensity decreased to 44% below 2019 levels. Absolute emissions decreased to 38% below 2019 levels. |
| IMCO has been reporting its portfolio's scope 3 emissions since its 2022 ESG Report. | ||||
| OMERS | 25% reduction in emissions intensity below 2019 levels (achieved in 2021). | 50% reduction in emissions intensity below 2019 levels (achieved in 2022). | Net-zero. | Emissions intensity decreased to 52% below 2019 levels. Absolute emissions decreased to 26% below 2019 levels as of December 31, 2022. |
| OPTrust | None. | 20% reduction in emissions intensity below 2023 levels. | Net-zero. | Emissions intensity decreased to 11% below 2022 levels on a like-for-like basis. In future, reductions will be reported against a 2023 baseline. |
| OTPP | 45% reduction in emissions intensity below 2019 levels. | 67% reduction in emissions intensity below 2019 levels. | Net-zero. | Emissions intensity decreased to 39% below 2019 levels. Absolute emissions decreased to 7% below 2019 levels. |
| PSP | 20-25% reduction in emissions intensity below 2021 levels, by 2026. | None. | None. | No total portfolio targets to report against. Emissions intensity (WACI metric) decreased to slightly below 2021 levels. Absolute emissions decreased by 11% between FY2023 and FY2024. |
| UPP | 16.5% reduction in emissions intensity below 2021 levels (achieved in 2023). | 60% reduction in emissions intensity below 2021 levels. | By 2040: Net-zero. |
Emissions intensity decreased to 17% below 2021 levels. |
| UPP has been reporting its portfolio's scope 3 emissions since its 2022 Annual Report. | ||||
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