Citing their fiduciary responsibility, 36 institutional investors managing $5.5 trillion in assets have signed a new Canadian Investor Statement on Climate Change. The Statement, signed by asset management divisions of five of Canada’s largest banks along with major institutional investors such as the Ontario Pension Board, calls on companies to act on material climate risks including through their industry association and lobbying activities.
“Ultimately, this is an invitation from Canadian investors to Canadian businesses to navigate this transition together”
Coordinated by the Responsible Investment Association (RIA), the Statement also makes clear the actions major Canadian investors will take to advance the global pursuit of net zero ahead of the most important climate gathering in history – COP26. This includes disclosing their financed emissions and setting an expectation that their investees will establish emissions targets and report on their progress.
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“By centering reconciliation and a just transition, this statement adds a Canadian perspective that is missing from the global conversation,” says Dustyn Lanz, RIA CEO. “The signatories recognize that Canada’s path to net zero depends on a transition that leaves no one behind and supports the transformation of every sector, while aligning itself with Indigenous rights for self-determination.”
RIA worked closely with the Reconciliation and Responsible Investment Initiative (RRII) in the development of the Statement to ensure Indigenous perspectives are incorporated into the Statement. “Despite Indigenous Peoples often being the first and most affected by the climate crisis, Indigenous perspectives and voices are often left out of investors’ decision-making on climate action,” says Mark Sevestre, Founding Member of NATOA. “This raises the stakes of the transition to a low carbon economy for Indigenous Peoples. For the transition to be just in Canada, Indigenous Peoples’ rights and perspectives need to be centred and prioritized.”
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Like their counterparts across the world, Canadian investors are also sending an unequivocal message to companies and governments that disclosure is key to maintaining and growing private investment in the low-carbon transition of our industries. “For the investment community, clear, comprehensive, comparable data isn’t a nice to have, it’s a must,” says Lanz.
“Ultimately, this is an invitation from Canadian investors to Canadian businesses to navigate this transition together,” explains Lanz. “The investment community is stepping up its game, so that the business community steps up theirs.”
The Statement remains open to additional investor signatories and Lanz expects this list will continue to grow as we approach a “tipping point” for sustainable finance momentum in Canada.
The RIA would like to thank Jamie Bonham, Rosa van den Beemt, Delaney Grieg, Maia Becker, Susan Golyak and Reconciliation and Responsible Investment Initiative (RRII) for their individual contributions to the Statement.
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