Canada Pension Plan Investments (CPP Investments) has dropped its net-zero by 2050 target according to a report, citing recent legal changes that affect how environmental commitments are interpreted. Chief Executive John Graham emphasized that while their communication has changed, their commitment to incorporating sustainability remains strong. This decision faced backlash from advocacy groups which argued this undermines responsible management of investments for future retirees. Several Canadian banks have also reversed similar climate commitments this year, indicating a broader trend in the financial sector.
"We think it is really important to incorporate climate and incorporate sustainability into the portfolio when we take a long-term perspective and as a long-horizon investor," he said.
"Recent legal developments in Canada have introduced, kind of, new considerations around how net-zero commitments are interpreted, so that's caused us to change a little bit how we talk about it, but nothing's changed on what we're actually doing."
"In backing out of a promise to invest in line with its net-zero by 2050 commitment, [CPP Investment's] management has failed to undertake its most fundamental purpose - to responsibly manage the long-term collective savings of working and retired Canadians."
Collection
[
|
...
]