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Climate Action Plan for Ontario Pension Funds

The Investment Management Corporation of Ontario (IMCO), a Canadian pension manager with C$79 billion (US$58.9 billion) in AUM, has published its first climate action plan, which includes a commitment to halve its portfolio’s intensity over the next nine years compared to 2019 levels. IMCO, which is the manager of Ontario’s Public Service Pension Plan (PSPP), has outlined its “climate guardrails” that will limit its exposure to unsustainable investments. The manager has also committed to phasing out new investments in the development of new unabated fossil fuel assets, instead investing 20% of its portfolio in climate solutions by 2030. Additionally, IMCO will prioritise partnerships with external managers that have existing or intended net zero commitments, and will support external managers and portfolio companies in establishing Paris-aligned transition plans. As well as the PSPP, IMCO also manages the Provincial Judges’ Pension Plan, and the insurance and benefit funds of Ontario’s Workplace Safety and Insurance Board. Rossitsa Stoyanova, IMCO’s CIO, said: “We are confident in our ability to achieve these targets, especially as we have already made significant investments in the energy transition. These interim targets will drive and guide investment decisions that both earn returns for our clients and make progress towards a low-carbon economy.”  

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