MONTRÉAL, April 10, 2024 /CNW/ – CDPQ published today its Sustainable Investing Report for the fiscal year ending December 31, 2023.
CDPQ actively contributes to advancing sustainable finance, and once again this year the report presents concrete actions taken to drive the organization’s impact. Following are some highlights.
CDPQ is well on track to achieve the targets underpinning the climate strategy it adopted in 2021, including its goal of reaching a net-zero portfolio by 2050 with:
- $53 billion in low-carbon assets, including $15 billion in Québec, representing an overall increase of $35 billion in low-carbon assets since 2017.
- Over $330 billion in assets with a low-carbon footprint, representing nearly 80% of its total portfolio.
- A 59% reduction in the carbon intensity of the portfolio since 2017.
- $5 billion in transitional assets to decarbonize the highest emitting sectors.
- Completion of its exit from oil production and thermal coal mining.
CDPQ acts on several fronts to build strong communities by focusing on inclusion and the integration of social factors in all its activities:
- Women represent 46% of CDPQ’s personnel, and it has a goal of reaching 47% by 2025.
- 26% of its Québec employees identify as members of one of the following groups: visible minorities, ethnic minorities or Indigenous peoples, reaching the target it set.
- 57% of its actively managed public companies count at least 30% women on their Boards, an increase of more than 39% in three years, and 30% of its nominee directors are women, thereby meeting the target it set.
- CDPQ is one of the only investors in the world to have made a commitment to encourage tax best practices at its portfolio companies, including compliance with a minimum tax rate of at least 15%, as recommended by the OECD and supported by the G20.
CDPQ employs solid governance practices. This is why it uses different levers of influence to promote the adoption of best practices by:
- Assisting several portfolio companies in integrating ESG factors into their processes, including 10 Québec companies.
- Holding 308 discussions to raise awareness on ESG factors among 129 of its portfolio companies and 81 of its external managers.
- Using its voting rights on 37,536 resolutions at 3,635 shareholder meetings to express its sustainability convictions.
- 278 technology risk analyses carried out by its teams to strengthen the resilience of its portfolio companies.
“At CDPQ, we remain steadfast in our conviction that sustainability goes hand in hand with long-term returns. And I am proud to see how far we’ve come and everything our organization has achieved. Now, once a target has been reached, there’s only one good option: to raise it even higher. Further evolve our approach. Determine what we can do differently, and even better. This involves taking the full measure of what we can do, and leveraging that to improve our overall portfolio’s sustainability. Our leadership is recognized at home and abroad, and this is due to the work of our people, their diverse talents and expertise propel us forward,” said Charles Emond, President and Chief Executive Officer of CDPQ.
“Today’s challenges are tremendous levers for value creation. This is why we have an optimistic approach, both here in Québec and internationally. We support our portfolio companies on a day-to-day basis to ensure that they implement solid transition plans and view this journey as a promising business opportunity. We believe that this is the path that leads to achieving our common goals,” said Marc–André Blanchard, Executive Vice-President and Head of CDPQ Global and Global Head of Sustainability.
The 2023 Sustainable Investing Report is available online.
ABOUT CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2023, CDPQ’s net assets totalled CAD 434 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.
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