Thirty-six financial institutions managing a combined $5.5 trillion in assets, including BMO Asset Management and Caisse de dépôt et placement du Québec, are urging portfolio companies to disclose their climate-related risks annually and set targets for reaching net-zero emissions by 2050 or sooner. They also pressed firms to lobby in favour of transitioning the economy away from fossil fuels. (The Logic)

Talking point: Monday’s call to action follows a Canadian Securities Administrators’ report suggesting companies be required to disclose their CO2 emissions and how they’re managing risks and opportunities related to climate change. It also comes nearly a year after eight of Canada’s largest pension funds signed a letter calling on companies to disclose more climate-relevant information to help them make better investment decisions. Monday’s commitment is more detailed and backed by more capital, but some major investors, like the Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan, are absent from the list of signatories. The requests to investees also aren’t mandatory, and investors don’t lay out what actions they will take if portfolio firms don’t meet their expectations.