2024 Canadian Pension Climate Report Card
Fossil Fuel Investments
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. Minimum estimated fossil fuel investments appear below, using the most current figures available as of December 31, 2024.
Significant uncertainty arises in these numbers due to the difficulty of estimating values of private assets and a lack of full disclosure on the part of the pension funds.
You can view a downloadable version of this table, including references, here.
| TOTAL | $84.44 billion Estimated using most recent publicly available data as of December 31, 2024. Due to inconsistencies and incomplete disclosure, numbers are likely to be underestimates. For those pension funds where minimum estimated fossil fuel investments are expressed as a range, Shift has used the middle of the range as the input into the total fossil fuel investments for all funds. |
Pension Manager | Minimum Estimated Fossil Fuel Investments | Disclosed Fossil Fuel Assets |
|---|---|---|
| AIMCo | $7.88 billion |
A joint 65% stake in the Coastal GasLink pipeline. An 87% stake in Howard Energy Partners. An 85% stake in the Northern Courier pipeline. 100% co-ownership of TriSummit Utilities, which includes subsidiaries: -Apex Utilities Inc. (fossil gas utility in Alberta); -Eastward Energy (fossil gas distribution utility in Nova Scotia); -Pacific Northern Gas Ltd. (fossil gas distribution and transmission utility in northern British Columbia); and -Enstar Natural Gas (fossil gas transmission and distribution pipeline operator Alaska Pipeline Co., with a 65% interest in Cook Inlet Natural Gas Storage Alaska). |
| BCI | $9 billion |
A 37% stake in Cleco Corporation. An undisclosed stake in Connaught Oil and Gas. An undisclosed stake in Corex Resources. A 26% stake in Czech Gas Networks. A 27% stake in National Gas. Partial ownership of Nova Transportadora do Sudeste SA (NTS). A 32% stake in Open Grid Europe. |
| CDPQ | $22.4 billion, includes “energy” and “non-renewable electricity”. |
A 16.6% ownership interest in the Colonial pipeline. An 80.9% ownership stake in Énergir. A 79.9% ownership stake in Southern Star Acquisition Corporation, which owns and operates the Southern Star Central Gas Pipeline. A 50% stake in Transportadora Associada de Gás S.A. |
| CPPIB | $22.6 billion in fossil fuel producers, but inclusion of fossil-fuel-linked utilities and related infrastructure could nearly double this total. | An 11.2% stake in California Resources Corporation. A 15.75% stake in Calpine. A 98% ownership stake in Encino Acquisition Partners (Encino Energy). A 72% stake in LongPoint Minerals, LLC. A 44% stake in LongPoint Minerals II, LLC. A 12% stake in Nedgia. A 43.5% stake in Nephin Energy / Corrib offshore gas field. An estimated 24.5% stake in Tallgrass Energy. A 90% stake in Teine Energy. A 49.9% stake in Transportadora de Gas del Perú S.A. A 35% stake in Williams Ohio Valley Midstream JV. A 99% ownership stake in Wolf Midstream and Wolf Carbon Solutions. |
| HOOPP | $1.44 billion | None disclosed. |
| IMCO | $3 billion | A 10% stake in Exolum. |
| OMERS | $2.6 billion | A 50% stake in BridgeTex. A 25% stake in Exolum. |
| OPTrust | Not enough disclosure to make an estimate. | Provided $125 million in financing to construct the Cascade gas plant. 100% joint owner of Superior Midstream (through joint ownership of SP Investor Holdings LLC). |
| OTPP | $7.4 billion - $9 billion | At least $200 million in Aethon III LLC (Aethon Energy). At least $200 million in Aethon United LP (Aethon Energy). A 5.8% stake worth at least $200 million in the state-owned Abu Dhabi National Oil Company Gas Pipeline Assets LLC. An undisclosed stake valued at less than $200 million in Canbriam Energy. An undisclosed stake valued at less than $200 million in GRP Energy Capital. An undisclosed stake valued at less than $200 million in Hawkwood Energy. A 100% ownership stake in HRG Royalty, including at least $200 million in each of HRG Royalty II LLC and HRG Royalty LLC. A 37.5% stake in SGN (Scotia Gas Networks). A joint 69.4% stake in Società Gasdotti Italia S.p.A (SGI). |
| PSP | $6.2 billion - $8.1 billion | 100% co-ownership of TriSummit Utilities, which includes subsidiaries: -Apex Utilities Inc. (fossil gas utility in Alberta); -Eastward Energy (fossil gas distribution utility in Nova Scotia); -Pacific Northern Gas Ltd. (fossil gas distribution and transmission utility in northern British Columbia); and -Enstar Natural Gas (fossil gas transmission and distribution pipeline operator Alaska Pipeline Co., with a 65% interest in Cook Inlet Natural Gas Storage Alaska). |
| UPP | $100-$235 million | Disclosed public equity holdings as of December 31, 2023 included BP, Canadian Natural Resources, Chevron, Enbridge, ExxonMobil, Fortis, Linde, Marathon Petroleum, Pembina Pipeline, Petroleo Brasileiro S.A., Shell, Suncor, and Valero. |
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