The Canadian Pension Climate Report Card, produced by Shift: Action for Pension Wealth and Planet Health, evaluates 11 of Canada’s largest pension managers — plus two international comparators — on their climate performance across six indicators: Paris-aligned targets, interim targets, communication of climate urgency, climate engagement, climate integration, and fossil fuel exclusions. The report finds a widening divide between climate leaders and laggards in 2025, with La Caisse (formerly CDPQ) earning an overall A-minus — the first Canadian pension fund to receive an A-range grade in any Shift report card — while CPPIB and AIMCo ranked at the bottom, receiving D and F respectively.

• Key themes: CPPIB abandoned its net-zero commitment in May 2025 and made at least $7.1 billion in new fossil fuel investments, while La Caisse launched a comprehensive 2025–2030 Climate Strategy pledging $400 billion to climate action and completing its exit from coal and oil production.
• Greenhushing: Several Canadian funds — including AIMCo, CPPIB, OTPP, and PSP — pulled back on climate communications, with AIMCo failing to mention climate or climate risk anywhere in its 2024 annual report.
• Legal action: Four young Canadians launched legal proceedings (Hirji et al v. CPPIB) alleging CPPIB is failing to adequately manage climate-related financial risks in the best interests of contributors and beneficiaries.
• Fossil fuel investments: The 11 Canadian funds collectively hold a minimum estimated $93.08 billion in fossil fuel investments, though actual totals are likely higher due to incomplete disclosure.

The report includes detailed scoring tables, emissions reduction target tracking, fossil fuel exclusion and investment disclosures, and Indigenous rights policy assessments for each fund. International funds ABP (Netherlands) and AP2 (Sweden) are included as benchmarks for ambitious climate leadership, both receiving overall A-minus grades.