OMERS commits to Net Zero 2050 emissions goal, building on its Sustainable Investing program
Follows previously announced goal to reduce carbon intensity of total portfolio by 20% by 2025
Interim goals will be set every five years
TORONTO, Nov. 24, 2021 (GLOBE NEWSWIRE) -- OMERS continues to advance its Sustainable Investing efforts by announcing today its commitment to achieve net-zero greenhouse gas emissions across its total portfolio by 2050.
Climate change is one of the most pressing issues of our time. As a responsible asset owner and manager, OMERS has a program in place to sustainably grow its assets over the long term.
Blake Hutcheson, Chief Executive Officer and President, OMERS, commented: “Our near-term carbon reduction goals are tangible, actionable, and ensure our leadership team is accountable today. With our Net Zero 2050 goal, we believe we are charting the right course for our future. We are also confident that we can do this by working with governments and other conscientious Canadian and global businesses in the months and years ahead.”
As at June 30, 2021, OMERS had $114 billion in net assets globally, across public and private markets, and has the potential to make a significant contribution in the transition to a low-carbon economy. Efforts across asset classes are well underway to allow OMERS to achieve its near- and longer-term carbon reduction goals. OMERS currently holds more than $18 billion in green assets, based on the International Capital Market Association (ICMA) Green Bond Principles, including those engaged in renewable energy, energy efficiency and green-certified buildings.
Satish Rai, Chief Investment Officer, OMERS, commented: “As investors, we play an important role in working with our portfolio companies and making capital allocation decisions during the transition to a lower carbon economy. We believe that integrating ESG factors into our investment approach is a more holistic way of assessing both value drivers and risk to deliver long-term, stable returns to our members.”
OMERS has already pledged to reduce the carbon intensity of its total portfolio by 20% by 2025, in line with the Paris Agreement. Five-year successive interim reduction goals will follow in support of our longer-term commitment.
The path to Net-Zero will be informed by the annual calculation and public disclosure of OMERS total portfolio carbon footprint, in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Carbon footprinting allows OMERS to more deeply understand the Plan’s climate-related risks and opportunities, both immediately and in the future.
For more information, please see the accompanying supplementary document about our approach to climate change: http://ml.globenewswire.com/Resource/Download/e6d89267-3dc8-4222-89e6-e0e37c5624be
Contact:
Neil Hrab
Manager, Media Relations
416-369-2418
nhrab@omers.com
About OMERS
Founded in 1962, OMERS is a jointly sponsored, defined benefit pension plan, with 1,000 participating employers ranging from large cities to local agencies, and over half a million active, deferred and retired members. Our members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children’s aid societies across Ontario. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers and originating and managing a diversified portfolio of high-quality investments in public markets, private equity, infrastructure and real estate. OMERS had net assets of $114 billion as at June 30, 2021.
