Pension funds in Canada are behind on addressing climate-induced financial risks, according to a report
A new report criticizes Canadian pension funds for inadequate responses to the financial risks posed by climate change, demanding more proactive measures.
Taylor Noakes reports for DeSmog.
In short:
- Canadian pension funds are under scrutiny by Shift Action for not adapting their investments to mitigate climate crisis risks.
- The analysis shows a significant gap between Canadian pensions and their global counterparts in climate progress.
- Shift Action's report calls for urgent, transparent action from pension funds to align with climate targets and avoid economic repercussions.
Key quote:
"The risks of a warming world are considerable Failing to have a credible and ambitious climate plan is a recipe for underperformance in the years to come."
— Adam Scott, executive director of Shift Action
Why this matters:
Pension funds play a vital role in shaping the future economy, influencing the health outcomes of the public and the environmental sustainability of the nation. The direction taken by these funds can significantly impact both immediate and long-term public health and environmental resilience.
Meanwhile, utilities’ fossil fuel investments are driving up rates for the most vulnerable.
