A group of 30 Canadian and international pension funds and financial institutions have released a joint declaration that implores publicly traded companies in Canada to commit to disclose more information about their exposure to the risks of climate change and the measures undertaken to manage them.

The 30 signatories — which include Bâtirente, the Caisse de dépôt et placement du Québec, the British Columbia Investment Management Corp., Fonds de solidarité des travailleurs du Québec and the Public Sector Pension Investment Board — represent about $1.2 trillion in assets. They plan to work with publicly traded companies to help manage the climate change risks they face and are speaking up for others to band together to help foster sustainable economic growth around the world and limit environmental impact, according to a press release.

Read: Canada leads list of most responsible global institutional investors

Another 13 organizations, including the Investment Industry Association of Canada, are also supporting the declaration in principle.

“With more information at their disposal, investors will be able to better assess all the risks faced by their investment portfolios and design investment strategies that are adapted to the realities of climate change,” said Louis Lévesque, chief executive officer at Finance Montreal, a business group whose responsible investment group took the lead on the declaration.

“This is a positive development for the financial industry in Quebec and Canada and keeps us aligned with global trends.”

Read: Fewer Canadian pension funds lagging behind on climate change, study finds

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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