A new report criticizes Canadian pension funds for inadequate responses to the financial risks posed by climate change, demanding more proactive measures.
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.
One of Australia's largest pension funds on Monday agreed to settle a landmark climate risk litigation filed by a 25-year-old member who alleged it was failing to protect his retirement savings against climate change.
New York Comptroller Thomas DiNapoli will review 27 thermal coal mining companies to see if the state should divest its pension fund from businesses that contribute to climate change.
Mark McVeigh, a 24-year-old environmental scientist from Australia is suing his A$57 billion ($39 billion) pension fund for not adequately disclosing or assessing the impact of climate change on its investments.
