Shift’s annual Canadian Pension Climate Report Card is an independent benchmark for evaluating the quality, depth and credibility of climate policies for 11 of Canada’s largest pension managers.

Collectively managing $2.4 trillion in retirement savings, these pension funds have all acknowledged that climate change poses significant risks for their investments. Runaway global heating and destabilizing planetary systems would threaten their ability to meet their long-term obligations to beneficiaries.

This third edition reveals Canada’s pension sector building internal climate expertise, beginning to help portfolio companies decarbonize, and moving towards strengthening fossil fuel exclusions. But the report also exposes a troubling divergence between leading and lagging institutions – and reveals which of Canada’s pension giants are well-positioned to step up as political headwinds and worsening climate impacts test their resolve.