(Bloomberg) — La Caisse, one of Canada’s largest institutional investors, is doubling down on its sustainable investing targets after meeting its goals for this year earlier than expected. The pension fund, whose full name is Caisse de Depot et Placement du Quebec, pledged on Thursday to invest $400 billion by the end of the decade in companies committed to decarbonizing their operations and in climate solutions such as low-carbon technologies. “We are reaffirming our sustainable investing convictions because they are at the heart of our fiduciary responsibility,” Charles Emond, president and chief executive officer of La Caisse, said in a statement. La Caisse is encouraging companies it invests in to adopt “clear and credible” decarbonization plans “with a view to long-term value creation and sound risk management for our depositors,” he said. The decision comes amid a fraught political backdrop for sustainable investing. Canada Pension Plan Investment Board has dropped its pledge to achieve net zero emissions by 2050 and Royal Bank of Canada scrapped its sustainable finance commitments in April, just months after leaving the Net-Zero Banking Alliance. As recently as last week, BlackRock Inc., the world’s largest asset manager, said it will shut several US-based sustainable funds. Political support for fossil fuels in Canada means pension funds “will be challenged in their efforts to make smart investment decisions” that account for risks from oil and gas, Shift, a sustainable investment advocacy group, wrote in its quarterly pension report. Bertrand Millot, the head of sustainability at La Caisse, said in an interview that its strategy is rooted in financial rather than altruistic motivations. “We aren’t doing this to save the planet. We are doing this to make money. That is very, very important,” Millot said. There is reason to be bullish about the long-term value of the energy transition, according to Vinay Shandal, global head of sustainable investing at Boston Consulting Group. That’s because it isn’t only important from a climate perspective; it’s also a driver of energy security, industrial competitiveness and access to critical minerals, he said. La Caisse isn’t alone in Canada in sticking with sustainable investments: Ontario Teachers’ Pension Plan Board said it’s moving ahead with its long-term objective of achieving net zero emissions from its investment activities by 2050. Ontario Municipal Employees’ Retirement System said it’s committed to annual measuring and reporting on its path to net zero by 2050. At British Columbia Investment Management Corp., climate change considerations remain a cornerstone of the investment process, said Jennifer Coulson, BCI’s global head of ESG. “As one of Canada’s largest institutional investors, we continue to leverage our size and ownership rights to actively manage climate-related risks and opportunities in our portf in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. 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The Canadian Pension Plan has reinforced its commitment to green investments by announcing a $400 billion investment initiative.
