• The City of Cornwall passed a council motion that requests that the Mayor write to OMERS pension fund to set clear goals on climate action and projections, divest from any investment in new fossil fuel development, and either withdraw of or provide profitable phase out plans for its existing fossil fuel assets.
  

Presentation by Laura McGrath - Shift Action at February 2024 OCC meeting

• OMERS was recognized as "most-improved" in Shift: Action for Pension Wealth and Planet Health's second annual Canadian Pension Climate Report Card, but with a mediocre C+ grade OMERS still has a long way to go on climate commitments.
• The report outlines how pension funds, with a long-term investment horizon and a fiduciary duty to invest in the best interests of all their members, must align their investment policies with a safe climate. There is no point in a pension without a livable planet to retire into. Most Canadian pensions are still not acknowledging that their very ability to pay pensions depends on a stable climate.
• OMERS released its climate strategy in 2023, including commitments to reduce the greenhouse gas emissions intensity of its portfolio, invest in climate solutions, and require companies it owns to develop science-based transition pathways. However, OMERS has yet to put an exclusion on any new fossil fuel investments, has not explained how its current fossil fuel assets can align with climate safety, and has made no commitments to reduce its absolute greenhouse gas emissions.
• Cannot highlight enough the importance of pension funds in influencing decarbonization efforts and policy decisions. There investment decision makes a significant difference in our decarbonization efforts (or if they don't advance climate considerations into their investment decisions then their role in promoting fossil fuel use and increases in GHG emissions)
• Laura provided insights into OMERS climate strategy, noting improvements in their climate lens that include net-zero targets, engagement with portfolio companies and positive developments, such as exclusions on new investments in thermal coal.
• Laura emphasized the effectiveness of pressure and engagement in influencing pension funds.
• Read Shift's Canadian Pension Climate Report Card full analysis of OMERS here.
• Send an email to OMERS using Shift's online action tool here.
• View sample motions that Ontario municipalities have passed to encourage climate action from OMERS here.