The Caisse de dépôt et placement du Québec wants to get out of oil in 2022

The Caisse de dépôt et placement du Québec (CDPQ) wants to exit oil production by the end of 2022 and will allocate an envelope of $ 10 billion to decarbonize the industrial sectors emitting carbon.

The one that is also called the woolen sock of Quebecers made the announcement Tuesday as part of the unveiling of its 2021 climate strategy. The institution has also improved certain targets set by its first climate strategy in 2017.

In 2017, the Caisse wanted to reduce the carbon intensity of the portfolio by 25% per dollar invested, for the period from 2017 to 2025. It has already exceeded its objective with a reduction of 38% by 2020. It is now giving itself the target to reduce it by 60% by 2030 compared to the 2017 threshold.

The Caisse’s portfolio includes $ 36 billion in low-carbon assets. She wants to bring it to a value of 54 billion by 2025, which would be triple what it held in 2017.

“With this new strategy, we are demonstrating our leadership as investors and taking the next step in climate investing,” said Charles Emond, President and CEO of CDPQ, in a press release. It is in the best interests of our depositors, our portfolio companies and the communities in which we invest. “

Oil companies still represent 1% of the Fund’s portfolio, the institution said in a press release. This would represent $ 3.9 billion, taking the size of the net assets as of June 30.

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Reference-feedproxy.google.com

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