The Caisse de dépôt et placement du Québec has cut the carbon intensity of its investment portfolio by 59 per cent since 2017, nearly meeting its target of a 60 per cent reduction by 2030, according to its latest sustainability report. The pension fund manager has $53 billion in low-carbon assets—about 12 per cent of its $434-billion portfolio—ahead of schedule to invest $54 billion by 2025. (The Logic)

Talking point: CDPQ has moved fast to decarbonize its portfolio relative to its peers. It says it’s the first major pension fund manager in Canada to divest entirely from oil production and thermal coal mining. Setting and meeting its next phase of climate targets, however, may be more challenging. CO2 cuts to the firm’s portfolio so far have not included Scope 3 emissions, which encompass all greenhouse gases released along its portfolio companies’ value chains, from the materials used in a company’s products to its customers’ use of those products. A lack of reliable Scope 3 data from the companies the Caisse backs could hinder its efforts.