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Shift’s ED Adam Scott writes with Matt Price, ED of Investors for Paris Compliance, that major investors will find it increasingly difficult to meet their net-zero commitments while continuing to finance Canadian oil and gas expansion.

Climate change poses systemic, existential risks to our pensions and our retirement security. Register now and join us on April 2nd!

In this engaging online session, we’ll dive into the report card's findings, outline the critical steps pension funds must take on climate, showcase promising examples from Canadian and international funds, and call on Canadian pension managers to take a climate leadership role.

However, the report card also exposes a troubling divergence between leading and lagging institutions – and reveals which of Canada’s pension giants are well-positioned to step up as political headwinds and worsening climate impacts test their resolve.

The report card analyses the climate strategies of 11 major Canadian pension funds that collectively manage nearly $2.4 trillion in retirement savings. This third edition reveals Canada’s pension sector building internal climate expertise.

On Wednesday, April 2nd, from 12:00-1:00 p.m. ET, we invite you to join us for an online presentation of key insights from Shift's annual Canadian Pension Climate Report Card.

Read Shift’s latest deep-dive to the incompatibility of CPPIB’s fossil fuel investments and its climate obligations.

This winter, as the Trump administration takes a wrecking ball to U.S. climate policy and pledges to “drill, baby, drill”, CPPIB reported that it invested US$807 million in fossil fuel expansion in the U.S. in the final quarter of 2024.

While Canadians boo the American anthem at hockey games, boycott American products, and cling to their jobs in the face of President Trump’s tariffs, the Canada Pension Plan Investment Board @cppib is using our national retirement fund to invest in oil, gas & pipelines in the US.

For all the details, read Shift’s detailed analysis of CPPIB in our 2024 Canadian Pension Climate Report Card, which includes a special section on “CPPIB’s Fundamentally Flawed Decarbonization Thesis for Fossil Fuels.”

Despite having a growing team of smart, dedicated sustainability staff with the most sophisticated climate risk analysis tools at their fingertips, CPPIB appears less credible year over year when it comes to climate.

In fact, CPPIB is the only pension manager to see lower scores on any indicator two years in a row. Its score moved from a C in 2023 to a C-minus in 2024 for both Paris-Aligned Target and Communication of Climate Urgency.

The Canada Pension Plan Investment Board @cppib (CPPIB) earned an overall C-minus in Shift’s Canadian Pension Climate Report Card, placing it toward the bottom of the pack of Canadian pension funds on its approach to the climate crisis.

[T]he biggest of them all, and the one you would think might take the most expansive view of the long-term well-being of Canadians, the Canada Pension Plan, saw an already bad performance get worse.

So it’s a bit concerning that on that score, Canada’s record is far from perfect. This week, Shift: Action put out its annual Canadian Pension Climate Report Card, an assessment of the climate policies of 11 of Canada’s largest pension funds.

Climate change poses financial risks, including asset devaluation, regulatory changes and economic disruption. By integrating climate considerations, pension funds can protect their long-term returns and safeguard retirees’ savings from climate-related financial shocks.

The motives of those climate-conscious funds are equally obvious. With contributors who won’t receive a pension for another few decades, they have to concern themselves with the state of the fund not just today but several decades. .

This issue has come to prominence again in light of the Trump administration’s climate denialism, and the consequent eagerness of some big asset managers such as BlackRock to scrap environmental considerations in their investment decisions.

[H]ere’s a requirement that Canada’s pension funds should have in light of recent events: They should consider whether their investments serve not just existing beneficiaries but future ones as well. On top of their other requirements, these funds should have a climate mandate.