Caisse de dépôt et placement du Québec says it will sell its remaining oil production investments by the end of next year as part of its climate strategy.
The Quebec investment manager says its remaining assets in the sector make up one per cent of its portfolio.
CDPQ made the announcement as it released its new plan to fight climate change.
READ MORE: Quebec’s Caisse posts 7.7% return in 2020 as real estate underperforms
As part of the plan, the investment fund says it will create a $10-billion transition envelope that will help support companies in the heaviest emitting sectors to reduce their carbon intensity.
CDPQ also says it plans to hold $54 billion in green assets by 2025 and reduce its portfolio’s carbon intensity by 60 per cent by 2030 compared with 2017.
Earlier this month, the Ontario Teachers’ Pension Plan board said it aimed to slash the carbon emissions intensity of its investments by 45 per cent by 2025 and by two-thirds by 2030, compared against its 2019 baseline.
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