Adam Scott, govt director of Shift, says that there’s now a major hole between how the Canadian pension sector views fossil fuels and the motion taken by some international institutional traders.
“Whereas traders all over the world have explicitly acknowledged the pressing crucial of a speedy phase-out of fossil gas investments to guard their beneficiaries’ monetary pursuits, the Canadian pension sector nonetheless clings to an unfounded perception that ongoing funding in oil and fuel is someway a part of the power transition,” he mentioned.
The report says that the Alberta Funding Administration Company (AIMCo) is the worst-ranked pension supervisor because it has not set a “fundamental science-aligned local weather goal.”
It provides that just one Canadian pension has adopted knowledgeable recommendation to part out investments in high-risk fossil fuels to this point – the CDPQ, which dedicated to promoting all of its $4 billion in holdings in oil producers by the top of 2022.
Additionally named are the Healthcare of Ontario Pension Plan (HOOPP) and the Ontario Municipal Staff Retirement System (OMERS) with Shift stating that these organizations nonetheless lack significant plans to attain their local weather change goals.