The province’s public pension fund unveiled its climate change strategy on Tuesday. A central element of the policy is to divest all assets that produce crude petroleum products by the end of 2022.
“The climate situation affects everyone, and we can no longer deal with it with the same methods as a few years ago,” said CEO Charles Emond. “We need to make important decisions on issues such as oil production and the decarbonization sectors that are essential to our economies. “
The pension plan has sold assets in the oil sector, but the statement means it will go ahead with the sale of what it has left – currently around 1% of its total portfolio of $ 390 billion.
The fund also announced that it would move its oil money to other investments, with a view to buying $ 54 billion in “green assets” by 2025.
Overall, the pension fund has announced its intention to reduce its total carbon footprint by 60% by 2030.
“With this new strategy, we are demonstrating our leadership as an investor and entering the next stage of climate investing. We believe this is in the best interests of our depositors, our portfolio companies and the communities in which we invest, ”said Emond.