Update on Climate Action Plan implementation

At UPP, we firmly believe in the power of engaging investee companies on improved practices and disclosure. We recently welcomed Delaney Greig as Director of Investor Stewardship to oversee ongoing relationships and dialogue with companies, partners, and sector groups to ensure continued meaningful progress in the real economy and in our portfolio.

UPP joined Climate Engagement Canada (CEC) as a founding participant and committed to direct engagement with the top 40 emitters on the Toronto Stock Exchange. Our work on this front has already begun with calls with other investors, letters sent to companies, and by participation in company meetings in December. We look forward to providing further updates about our work through CEC in the coming months.

UPP is also supporting engagement with issuers on climate change through the International Investors Group on Climate Change (IIGCC) Net-Zero Engagement Initiative. Starting with lagging companies in Europe, the initiative is pushing for climate transition plans that include emissions reduction targets and reporting. This an opportunity for UPP to collaborate with and learn from international peers.

Ultimately, our Climate Action Plan reflects our belief that UPP has a duty to advocate on behalf of members for the good of the fund, and for the good of the economic, social, and environmental systems on which long-term fund performance relies. Our advocacy approach includes both direct and collaborative advocacy.

In recent months, we have participated in the following initiatives:

• U.S. Securities and Exchange Commission’s (SEC)’s consultation on proposed enhancement and standardization of climate-related disclosures for investors – Representing $1.6 trillion Canadian dollars in assets under management, UPP joined eight Canada-based global investors, asset managers and owners in submitting comments in support of the SEC’s proposed enhancement and standardization of climate-related disclosures for investors.
• International Sustainability Standards Board (ISSB) consultation on sustainability-related and climate-related disclosures for investors – UPP joined eight Canadian pension peers in writing a letter in support of in support of ISSB’s proposal to improve and standardize sustainability-related and climate-related disclosures for investors.
• Canadian Association of Pension Supervisory Authorities (CAPSA) Guideline: ESG Considerations in Pension Plan Management – UPP participated in the consultation process in creating the Guideline, clarifying that using ESG factors to provide financial insight is consistent with an administrator’s fiduciary duty
• Joint submission to Government of Canada consultation on options to cap oil and gas greenhouse gas emission – UPP joined nine other Canadian financial institutions to express support for additional federal policy measures to reduce emissions in line with Canada’s 2030 and 2050 targets.

We were also the fourth Canadian organization to join the UN-convened Net Zero Asset Owners Alliance, becoming the 80^th global member, collectively representing over $10.9 trillion in assets under management. The Alliance is focused on driving down GHG emissions, with stringent protocols for how investors set targets in support of a stable climate. It provides UPP with access to collaborative forums and resources that will enhance our methodologies and reporting frameworks.  

Alongside the other Alliance members, UPP will participate in direct and collective advocacy with policymakers and within the financial sector to help encourage the conditions for a well-managed climate transition, including the necessary improvement and standardization of climate-related disclosures to enable informed evaluation and decisions.

UPP will continue to provide updates on our progress under our Climate Action Plan, which contains many important milestones along the path to net-zero by 2040 or sooner.

To learn more about the Climate Action Plan and UPP’s responsible investing approach, please visit: