Overview
- Four Canadians filed the lawsuit in Ontario Superior Court with support from Ecojustice and Goldblatt Partners LLP.
- The claim alleges CPP Investments underestimates climate-related financial risks and worsens them by backing fossil-fuel expansion, citing recent deals such as a reported $3-billion stake in Sempra Infrastructure.
- Plaintiffs say the fund is breaching its duty to act in contributors’ best interests and exposing their savings to undue risk of loss.
- CPP Investments spokesman Michel Leduc says the fund is assessing the case and maintains it rigorously integrates climate risk into investment decisions as a material factor.
- Leduc warned the action could affect the retirement security of 22 million Canadians, noted the fund dropped its 2050 net-zero target earlier this year, and said the legal process will be addressed through the courts if necessary.