2024 Canadian Pension Climate Report Card

Additional Climate-Related Targets

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. Additional climate targets 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.

Pension Manager Type of Target Target 2024 Updates
AIMCo
Transition finance $1 billion fund “to capitalize on the tailwinds of the global energy transition and decarbonization sectors.” No target date. The “Energy Transition Opportunities Pool” was retroactively renamed the “Energy Opportunities Pool”, reportedly due to pressure from the Alberta government.
BCI
Green or sustainable investment By 2025: $5 billion invested in sustainable bonds. $5.23 billion invested in sustainable bonds, including 70% in green bonds.
Portfolio climate alignment By 2030: 80% of "carbon-intensive investments” to have "set mature net-zero aligned commitments... or are the subject of direct or collaborative climate engagement by BCI.” 11% of carbon-intensive companies, representing 17% of financed emissions from carbon-intensive investments, have mature commitments.
CDPQ
Transition finance $10 billion to decarbonize the heaviest carbon-emitting sectors (no target date). $5 billion invested in transition assets.
Green or sustainable investment / Portfolio climate alignment By 2025: $54 billion invested in low-carbon assets (Climate Bonds Initiative criteria). $53 billion invested in low-carbon assets. Additionally, CDPQ reported $50 billion in assets compliant with Science Based Targets Initiative criteria.
CPPIB
Green or sustainable investment / Transition finance By 2030: $130 billion in "green and transition assets" (as defined by criteria of one or more of: International Capital Market Association Eligible Green Project sectors/sub-sectors, Climate Bonds initiatives Taxonomy Paris Agreement Compliant, Science-Based Targets initiative). $83 billion invested.
CPPIB does not disclose which assets are considered “green” or “transition” and obscures the climate-alignment of these assets by grouping “green” and “transition” into one reported number.
HOOPP
Green or sustainable investment By 2030: $23 billion invested (Climate Bonds Initiative criteria). $10 billion invested.
Portfolio climate alignment By 2030: 50% of infrastructure and private equity portfolios covered by credible transition plans. No baseline reported, and no update on what percent of the portfolio is covered by such plans.
Data By 2025: 80% of assets reporting scope 1 and 2 emissions data. 49% of assets in infrastructure and private equity asset classes reported emissions data.
IMCO
Green or sustainable investment By 2030: 20% of AUM invested in climate solutions (International Capital Market Association Green Bond Principles and Climate Bond Initiative taxonomy).

Includes $5 billion invested in “clean energy transition” assets by 2027.		 11.5% of AUM invested in climate solutions, with $2.1 billion invested in “clean energy transition” assets.
OMERS
Transition finance $3 billion "for assets playing a key role in the global transition towards a lower-carbon economy" (no target date). No allocations reported.
Green or sustainable investment By 2030: $30 billion invested ("some or all" alignment with International Capital Market Association Green Bond Principles, Climate Bond Initiative Taxonomy). $21 billion invested (International Capital Market Association Green Bond Principles).
Portfolio climate alignment By 2030: the 20 companies that contribute most to OMERS' financed emissions intensity will have credible net-zero transition plans. No update on percent of companies with credible net-zero transition plans. 65% of the 20 companies have a net-zero commitment.
OPTrust
Data By 2025: "engage with 100% of core, strategic investment partners and higher-risk directly owned assets to advocate for collection and reporting of emissions data," achieving coverage for over 75% of portfolio emissions. Committed to reporting on this target in its 2025-2026 TCFD report.
Partners and external managers By 2025: "phase in climate evaluations on core, strategic investment partners." Committed to reporting on this target in its 2025-2026 TCFD report.

Noted that 100% of new externally managed investments in 2023 went through a “Responsible Investing Partner Evaluation” process. At some point during 2023, the process was updated to include climate-focused criteria.
Other By 2025: "implement enhanced climate due diligence on 100% of new direct investments and external partner commitments." Committed to reporting on this target in its 2025-2026 TCFD report.
OTPP
Transition finance $5 billion to accelerate paths to decarbonization for “High Carbon Transition Assets” (no target date). No allocations reported.
Green or sustainable investment $50 billion invested in "companies that generate clean energy, reduce demand for fossil fuels and build a sustainable economy" (no target date). $34 billion invested.

Also reported a cumulative $3.9 billion invested in green bonds.
Portfolio climate alignment By 2025: two-thirds of the portfolio's emissions will be covered by credible, science-based net-zero plans and targets, including scope 3 when material.

By 2030: 90%. 		No update on percent of emissions covered by plans and targets.
PSP
Transition finance By 2026: $7.5 billion in “investments that have committed to make a substantial contribution to the low-carbon transition through the establishment of public targets and disclosure practices." $11.5 billion invested.
Green or sustainable investment By 2026: $70 billion invested in "low-carbon activities that lead to positive environmental impacts." $64.9 billion invested.
Green or sustainable investment By 2026: commit 10% of long-term debt financing to sustainable bonds. Raised sustainable bond financing to 7.1% of PSP Capital’s debt outstanding.
Portfolio climate alignment By 2026: assets representing 50% of the portfolio's carbon footprint will be covered by mature science-based transition plans. PSP has not reported what percent of the portfolio’s carbon footprint is now covered by such plans.
Data By 2026: obtain GHG data for 80% of in-scope portfolio, with intention to add scope 3 emissions. 62% reported data.
Other By 2026: reduce exposure to "high carbon or hard to abate assets with no evidence of a transition plan" by 50% from 2021 baseline of $7.8 billion. $8.1 billion exposure.
UPP
Green or sustainable investment By 2030: $1.2 billion invested in climate adaptation or mitigation assets or climate solution funds (as defined by EU taxonomy and Climate Bonds Initiative Standard). $293 million invested.
Climate engagement Engage with 27 companies from 2023-2025 across three categories (high-emitting Canadian companies, banks, and oil companies) with Paris-aligned expectations. Engaged, bilaterally or collaboratively, with all 27 companies.

High emitters: reported progress from six high-emitting Canadian companies on “one or more” engagement priorities.

Banks: reported three banks committing to additional disclosures and setting targets in 2025.

Oil: reported reviewing information from initial engagements with 11 oil and gas companies and noted that UPP “will refine our position regarding these companies as appropriate.”

View detailed climate scores and analyses