PSP’s 2022 Responsible Investment Report, released on November 10th, demonstrates that PSP is responding to calls from beneficiaries for increased disclosure of how it’s handling climate-related risks and putting in place the building blocks to execute its Climate Change Strategy. But a close read of these documents shows that despite clear and laudable signs of progress, PSP is still falling short.

While BCI is responding to calls from beneficiaries for increased disclosure of how it is handling climate-related risks, the investment manager has minimal investments in climate solutions, remains invested in risky high-carbon assets without credible decarbonization pathways, and continues its futile attempts to engage with fossil fuel companies that are failing on climate action.

New analysis finds 80 Canadian pension managers with 124 different roles at 76 fossil fuel companies, raising critical beneficiary questions about fiduciary duty and pension administrators’ conflicts of interest on climate-related investment decisions. The report from Shift Action for Pension Wealth and Planet Health reveals the deep entanglement between the fossil fuel industry and directors, trustees and investment managers at Canada’s largest public pension funds.

The Ontario Teachers’ Pension Plan, Canada’s third largest pension, committed in January to net-zero emissions by 2050, and in September set interim targets for getting there, but it wasn’t until this week that the OTPP disclosed crucial details on how exactly it plans to achieve its goals. Shift Action for Pension Wealth and Planet Health breaks down the highlights and examines what still needs to be done.