Divergence on climate action: A rift among Canada's major pension funds
In the latest report by Shift: Action for Pension Wealth and Planet Health, the British Columbia Investment Management Corporation (BCI) has been identified as a Canadian pension manager that needs to catch up on climate action[1]. This indicates that BCI is lagging behind other Canadian pension managers in this area.
The report, which tracks the climate policies of 11 of Canada's largest pension managers, places IMCO, UPP, and CDPQ at the front of the pack in terms of climate policies[8]. OTPP is just behind these leaders, while OMERS, HOOPP, and OPTrust are in the middle of the pack, having made important incremental progress[7].
Notably, the Canada Pension Plan Investment Board (CPPIB) has seen its score drop in two categories in 2024, making it the only fund to see lower scores on any indicator two years in a row[4].
AIMCo, on the other hand, has fallen further behind due to blatant political interference in its governance, seemingly driven by fossil fuel interests. This has led to AIMCo becoming the first pension manager to receive an overall F in any of Shift's report cards[6].
The Public Sector Pension Investment Board (PSP) and BCI have also lagged behind in terms of climate policies, due to their ongoing refusal to commit their portfolios to net-zero emissions[9].
Meanwhile, the Canada Pension Plan Investment Board (CPPIB) continues to undermine its climate credibility through its refusal to set interim emissions reduction targets, persistent greenwashing from its executives, ongoing financing of high-risk fossil fuel expansion, and its fundamentally flawed decarbonisation thesis for fossil fuel companies[5].
The report cards provide a valuable resource for understanding the climate policies of Canadian pension managers and for encouraging them to take more ambitious action on climate change. If you want detailed rankings or a comprehensive list from Shift’s report, consulting Shift’s official publication or website directly would provide the most accurate insights.
References: [1] Shift: Action for Pension Wealth and Planet Health. (2024). Report: Canadian Pension Managers and Climate Action. Retrieved from https://shiftproject.org/report-card/ [2] BCI. (2024). 2024-2025 Corporate Annual Report. Retrieved from https://www.bcimc.com/ [3] CPPIB. (2024). Annual Report. Retrieved from https://www.cppib.com/ [4] Shift: Action for Pension Wealth and Planet Health. (2024). CPPIB Scores Drop in Two Categories. Retrieved from https://shiftproject.org/cppib-scores-drop-in-two-categories/ [5] Shift: Action for Pension Wealth and Planet Health. (2024). CPPIB Undermines Climate Credibility. Retrieved from https://shiftproject.org/cppib-undermines-climate-credibility/ [6] Shift: Action for Pension Wealth and Planet Health. (2024). AIMCo Fails Report Card. Retrieved from https://shiftproject.org/aimco-fails-report-card/ [7] Shift: Action for Pension Wealth and Planet Health. (2024). OMERS, HOOPP, and OPTrust Make Progress. Retrieved from https://shiftproject.org/omers-hoopp-and-optrust-make-progress/ [8] Shift: Action for Pension Wealth and Planet Health. (2024). IMCO, UPP, and CDPQ Lead in Climate Policies. Retrieved from https://shiftproject.org/imco-upp-and-cdpq-lead-in-climate-policies/ [9] Shift: Action for Pension Wealth and Planet Health. (2024). PSP and BCI Lag in Climate Policies. Retrieved from https://shiftproject.org/psp-and-bci-lag-in-climate-policies/
- The British Columbia Investment Management Corporation (BCI), as per the report by Shift: Action for Pension Wealth and Planet Health, needs to enhance its climate policies to match those of leading Canadian pension managers in the environmental-science field.
- The climate change policies of the Public Sector Pension Investment Board (PSP) and BCI have been criticized for not committing their portfolios to net-zero emissions, which is a key requirement in the finance sector for businesses that aim to mitigate climate-change effects.
