Canada's Top Pension Fund Ditches Net-Zero Emissions Goal

TORONTO () – The advocacy organization Shift condemned Canada’s leading pension fund on Wednesday for deciding to retract its pledge to achieve net-zero greenhouse gas emissions by the year 2050.

The Canada Pension Plan Investment Board (CPP Investments), managing $516.93 billion CAD ($714.4 billion USD) in assets, stated that they intended to retract their pledge made in February 2022 to ensure their activities and investment portfolio were consistent with the target objectives.

Shift mentioned that the alteration, detailed in the FAQ portion of their website, was implemented on Wednesday; however, they couldn't promptly confirm when it was last updated.

This move came as part of an extensive reassessment of climate objectives following multiple Canadian banks exiting the Net-Zero Banking Alliance earlier this year.

The plan mentioned unnamed "recent legal changes in Canada" influenced its interpretation of the net-zero pledge.

Shift denounced the move.

“Commitments to achieving net zero are mandatory,” Shift stated. “By retracting its pledge to invest according to its net-zero target for 2050, CPPIB’s leadership has neglected its core duty — to prudently oversee the long-term pooled savings of both employed and retired Canadian citizens.”

CPP Investments did not provide additional remarks when contacted for further clarification.

(1 USD equals 1.3820 CAD)

(Reported by Maiya Keidan; Edited by Cynthia Osterman)