Canadian pension funds improving on climate mitigation, but still falling short: report – National | 24CA News
A brand new report by an advocacy group says a few of Canada’s main pension funds have made vital enhancements in responding to the local weather disaster, however general are nonetheless falling brief.
The report by Shift Action for Pension Wealth and Planet Health exhibits a excessive degree of inconsistency among the many 11 pension funds evaluated, and finds they’re missing in contrast with some worldwide friends.
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Adam Scott, govt director of Shift, says main pension funds have to do extra to safeguard their portfolios towards climate-related threat, and to take motion to reduce the disaster.
He says motion by pension funds is essential as a result of the retirement plans of hundreds of thousands of Canadians rely on them, and due to the monetary sway the funds maintain.
The report on the 11 funds, which handle over $2 trillion in property, discovered that some have made commitments aligned with limiting warming to 1.5 levels, whereas even fewer have credible plans to get there, and just one has dedicated to phasing out fossil gasoline funding.
Scott says that whereas there may be nonetheless a lot enchancment wanted, he’s inspired by how shortly the momentum is shifting.
“A lot of the funds are just coming into this, they’re coming to it quite late, frankly,” he mentioned. “But … just in the last few years, we’ve seen eight of the pensions on the list enact a Net Zero target and a smaller group have actually taken sort of more serious steps of implementing those targets.”
© 2023 The Canadian Press
