TORONTO – An advocacy group says there’s an increasing divergence on how big public pensions in Canada are approaching climate action.
The group, called Shift: Action for Pension Wealth and Planet Health, says in its annual ranking that La Caisse is showing the best results yet while CPPIB is falling behind.
Shift says it lowered CPPIB’s ranking because the pension giant removed its stated net-zero goal, has a lack of clarity on a climate strategy and continues to invest in fossil fuels.
CPPIB, which had $777.5 billion in assets under management on behalf of 22 million Canadians as of Sept. 30, was separately sued last October over its alleged failure to properly factor in climate risk.
The pension fund said in response to the lawsuit that it remains steadfastly focused on integrating climate-related considerations into investments.
Shift says La Caisse, with $496 billion under management as of June 30, led the way among public pensions by reaffirming its climate commitments and releasing a comprehensive five-year climate strategy that includes a goal of $400 billion in climate action investments by 2030.
“The gap between climate leaders and backsliders is no longer a matter of nuance,” said Laura McGrath, senior manager at Shift, in a news release.
“Leading funds are backing away from risky fossil fuel investments, while laggards continue to bet their members’ retirement savings on climate failure.”
This report by The Canadian Press was first published Jan. 28, 2026.
