“Considering the implications of climate change for a pension fund is consistent with, and likely required by, an administrator’s fiduciary duties,” the report argues. The impact of these laws was bolstered in 2021 by Supreme Court of Canada declaration that “global warming is an issue of national concern,” according to the legal analysis done by PRI, whose membership has grown to 4,900 signatories, which together manage US$121 trillion in assets. concluded that the idea that fiduciary duty should encompass the pursuit of sustainability goals is supported by a legal framework in Canada that pre-dates the legally binding Paris Agreement on climate change. 13, PRI - an organization that arguably carries weight when it comes to institutional investing because its founding members include large pensions such as Canada’s Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board and BC Investment Management Corp. In the latest example of the former argument, Principles for Responsible Investment (PRI), an international group backed by some of Canada’s largest pension funds, is making the case that Canadian investment law permits and in some cases requires sustainability to be considered by institutional investors. The concept of fiduciary duty has emerged as a major fault line in the debate over ESG investing, with some arguing it offers a legal foundation to compel institutional investors to take seriously the risks posed by climate change, and others using it to justify an approach focusing primarily on financial returns.
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