Healthcare of Ontario Pension Plan, Toronto, has set some interim targets in its bid to achieve net-zero emissions in its portfolio by the year 2050.
Under the plan, HOOPP expects to deploy about C$23 billion ($16.6 billion) in "green investments" by 2030, according to a Monday news release.
HOOPP initially committed to reaching net zero by 2050 back in "early 2022," the release noted.
A spokeswoman for HOOPP confirmed by email that HOOPP first announced its net-zero plan on March 16, 2022.
Also under the plan, HOOPP wants to have 80% of its assets providing reported emissions by the year 2025 for "more accurate measurement of progress," the release said.
By 2025, HOOPP will also exclude new direct investments in private thermal coal and oil exploration and production companies.
Then by 2030, HOOPP expects to have 50% of its infrastructure and private equity portfolios with "credible transition" plans. As part of this strategy, HOOPP will encourage its portfolio companies to "adopt credible, science-based transition plans" that can directly reduce the greenhouse gases that enter the atmosphere.
Also by 2030, HOOPS also seeks to reduce emissions in its real estate portfolio by 50% "on an absolute basis through direct decarbonization efforts at our owned properties under our operational control."
HOOPP also advised in the release that it will "continually monitor, review, and adjust" its plan for changes in external factors, which can include regulatory changes. "As we approach 2030, we will assess our progress against our 2030 targets as part of our preparation for the next five- and ten-year periods of 2035 and 2040," HOOPP added in the release. "Our performance against the interim targets will give us visibility on how we are tracking towards our 2050 commitment."
HOOPP had net assets of C$114.4 billion ($82.8 billion) as of Dec. 31, 2021.