September 29, 2021 Read More →

Quebec pension fund announces oil divestment plan by end of 2022

Pensions & Investments:

Caisse de dépôt et placement du Québec, Montreal, announced a new climate strategy that includes completing a divestment from oil production holdings by the end of 2022.

The C$390 billion ($315.2 billion) pension fund also announced in a news release Tuesday it plans to increase the value of its low-carbon portfolio to C$54 billion by 2025 and reduce the carbon intensity per dollar invested by 60% by 2030.

In the news release, the pension fund said the completion of its exit from investing in oil production holdings will allow the pension fund to “avoid contributing to the growth of the world’s oil supply.” The news release said oil production holdings currently account for 1% of its overall portfolio.

In its 2020 Stewardship Investment Report with data as of Dec. 31, the pension fund had reported C$34 billion in low-carbon assets and had reduced its carbon intensity by 38% since 2017 when CDPQ launched its first climate strategy, well above the prior goal of reducing it by 25% by 2025.

[Rob Kozlowski]

More: Caisse de Depot to complete divestment from oil production by 2022

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