La Caisse's 2025 Sustainable Investing Report
La Caisse published today its Sustainable Investing Report highlighting the results for the year ended December 31, 2025.
During a year marked by global turbulence around sustainable investing, La Caisse remained committed – and even raised its ambitions after achieving its targets ahead of schedule.
Last June, La Caisse unveiled a new 2025‑2030 climate strategy, with a target of $400 billion in climate action to accelerate the decarbonization of companies and the economy. The organization seeks to invest in companies that integrate the climate into their business models, whatever their activity sector, and to proactively invest in climate solutions. As at December 31, 2025, La Caisse’s climate action investments totalled $226 billion. La Caisse also made gains on several social and governance aspects over the past year.
“Sustainable investing had a tough time in 2025. Climate commitments, as well as social issues, faced numerous challenges. But not at La Caisse. Staying true to our convictions despite the headwinds, which have grown stronger, is something we can all be proud of,” said Charles Emond, President and Chief Executive Officer of La Caisse. “As a long-term investor, we need to gain some perspective and analyze the underlying trend to look beyond short-term upheavals. As the manager of the savings of six million Quebecers, we want to generate performance while doing what’s responsible for future generations.”
“In a rapidly changing environment, our responsibility as a long-term investor is to take concrete action. At La Caisse, this reality compels us to rigorously and pragmatically refine our practices to fully integrate sustainability into the heart of our investment activities,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse. “This approach also enables us to support our portfolio companies and anticipate the risks and opportunities associated with the major transitions currently underway—whether involving the climate, technology or society. In doing so, we reaffirm our ambition: to be a leading, influential and high-performing investor, both today and for future generations.”
Environment
Guided by its goal of having a net-zero portfolio by 2050, La Caisse’s climate action aims to support the transition of the real economy toward greater climate resilience. This is exemplified by investments in low-carbon assets, adaptation or resilience solutions, nature-based solutions and climate solution enablers, as well as support for companies with clear decarbonization plans:
- $226 billion in climate action, including $38 billion in Québec, compared to $158 billion at the end of 2024, an increase of $68 billion
- $156 billion invested in companies with decarbonization targets
- $70 billion in climate solutions, including $65 billion in low-carbon assets, with nearly $20 billion in Québec
Social
La Caisse fosters inclusion and a diversity of perspectives, because a wealth of backgrounds and viewpoints strengthens its culture and enhances its performance. This approach is also strongly encouraged among our external managers, partners and portfolio companies. Demanding social criteria, including the adoption of fair tax practices, are applied in the analysis of each investment opportunity:
- 48% of its employees and 43% of its Board of Directors are women
- 28% of its employees in Canada identified as members of one of the following groups:
visible minorities, ethnic minorities or Indigenous peoples- 76% of its actively managed public companies had at least 30% women on their Boards of Directors, representing an increase of 85% since 2020
- 339 notices were issued ensuring compliance with its pre-investment tax criteria.
Governance
In 2025, La Caisse optimized its governance and reviewed its processes to enhance efficiency and support performance. This allows the organization, which is growing quickly, to remain agile while maintaining its high standards:
- 12 Québec companies supported in integrating sustainability into their business strategy
- Discussions held on behalf of La Caisse with 451 portfolio companies on topics such as artificial intelligence and human rights
- Exercising its voting rights on 32,169 resolutions at 3,052 shareholder meetings to express its sustainability convictions
- Opposing the reappointment of directors of 35 companies because of their inaction on the climate
The 2025 Sustainable Investing Report is available online.
ABOUT LA CAISSE
At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.
As a global investment group, we’re active in the major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2025, La Caisse’s net assets totalled $517 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.
La Caisse is a registered trademark of La Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.
On LinkedIn, CEO Charles Emond posted this message (translated from French):
Targets reached faster than expected, a new climate ambition announced during the year. In a context marked by the questioning of climate commitments, among other things, we have chosen to stay the course at La Caisse because our convictions are based on a long-term vision.
As the manager of the savings of 6 million Quebecers, we want to generate performance, while doing what is responsible for future generations.
Published today, our 2025 Sustainable Investing Report highlights results achieved in climate action, social progress and governance.
I would like to thank our teams, for whom sustainability is much more than a concept and who make it a daily responsibility. Not to mention our depositors, who support us in our ambitions and with whom we maintain an open and constant dialogue.
Alright, let's delve into La Caisse's 2025 Sustainable Investing Report.
There's a reason I cover their sustainable investing report every year and not all others: La Caisse is widely recognized as a global leader in sustainable investing and always ranks among the top five in global sustainable investing rankings.
Also worth keeping in mind, despite exiting from oil and gas producers back in 2022 -- a decision which was widely criticized back then -- La Caisse still managed to deliver a 9.3% return in 2025, beating all its peers who still invest in the sector (note: La Caisse's asset mix is more titled to public markets, that's the main reason they performed better than its peers).
Admittedly, I'm not a big fan of divestment, especially from oil and gas producers which have performed well this year, but La Caisse hasn't looked back, nor regretted its decision to exit this sector.
Alright, let’s get into La Caisse's 2025 Sustainable Investing Report, starting with the message from CEO Charles Emond:
The way he ends his message is worth noting here again:
The road ahead will not be easy
We’re clear about one thing: the road ahead will have its twists and turns. Key and essential themes, such as AI, will undoubtedly raise environmental and social concerns.
Faced with these challenges, we must keep our long-term perspective and seek to deal with these considerations as best we can.
Our sustainability convictions remain strong, because they’re based on tangible elements. On underlying trends. On the ability to generate performance while acting responsibly for future generations.
I would like to thank our teams, who see sustainability as not just a concept, but an everyday responsibility. Not to mention our depositors, who support us in our ambitions and with whom we maintain an open and ongoing dialogue.
In these highly turbulent times, I sincerely hope that both our ideas and our results will inspire others to move forward on these fundamental issues, not only for the world we live in, but also for the generations to follow.
There's a lot of wisdom and humility there, as well as a collective call for action to leave a better world behind for future generations.
Next, a message from Emmanuel Jaclot, head of Infrastructure and Sustainability:
I note:
Our new way of working relies foremost on the commitment, expertise and collaboration of our team specialized in sustainable investing and the investment teams for each asset class. By providing them with a shared framework, harmonized tools and mutual expectations, we empower them to act with conviction, rigour and efficiency, which benefits our performance. Beyond the processes and tools, we are instilling an even stronger and more consistent culture of sustainable investing across the organization. I am convinced that this enhanced synergy represents a key driver of resilience and long-term performance.
This approach also enables us to support our portfolio companies, and anticipate the risks and opportunities associated with the major transitions currently underway—whether involving the climate, technology or society. In doing so, we reaffirm our ambition: to be a leading, influential and high-performing investor, both today and for future generations.
Again, it's critically important to understand that La Caisse and others aren't engaging in sustainable investing for political purposes; it's well established in their commitment to drive value over the long run.
As such, sustainable investing is embedded in their investment approach and complements the process, giving a more holistic and long-term view of their investment.
Now, why was Emmanuel Jaclot appointed the Head of Sustainability after Marc-André Blanchard left the organization to take on the role of Chief of Staff to the Prime Minister?
Good question, I suspect because he's the head of Infrastructure at la Caisse, the longest duration asset class and there was a fit. He probably expressed an interest and Charles Emond appointed him to take over this important role as global head of sustainable investing.
Back to the report, here are the critical foundations for the internal teams to follow, starting with why sustainability is at the heart of everything they do:
La Caisse wants to reach $400 billion invested in climate action by 2030 and they are well underway to attain this target.
Next, you need to provide teams with the right tools to do their job properly:
And lastly, as part of their foundation, their six sustainable investing levers of influence:
Also worth noting La Caisse contributes to the six United Nations Sustainable Development Goals:
On climate strategy, I'm not going to go over everything but this is critically important:
I note:
In 2017, La Caisse was one of the first institutional investors to adopt a climate policy, which was enhanced in 2021, covering its entire portfolio. Since then, La Caisse’s climate discipline has paid off: our portfolio has decarbonized faster than anticipated, and we exceeded our targets. This is why, in June 2025, we introduced a new phase in our climate strategy to accelerate the decarbonization of companies and the economy. We now aim to have $400 billion invested in climate action by 2030.
With its climate action, La Caisse seeks to generate optimal returns while supporting the real economy’s transition toward a more resilient, low-carbon future. This ambitious approach enables us to continue seizing new investment opportunities in the context of the energy transition and increase our contribution to the decarbonization of the real economy. The portfolio’s decarbonization is therefore the result of decarbonizing the companies held in it, rather than a consequence of having prioritized investments in low-intensity sectors.
As at December 31, 2025, La Caisse’s climate action investments totalled $226 billion, including $38 billion in Québec, compared with $158 billion at the end of 2024, an increase of $68 billion.
On carbon intensity, worth noting this:
I note:
Changes in the carbon intensity of our portfolio are not linear, and its trajectory, both downward and upward, may be affected by various factors, such as asset valuations or investment opportunities.
In 2021, we raised the portfolio’s carbon intensity reduction target to 60% by 2030, compared with 2017, in line with our goal of carbon neutrality by 2050. In the same year, we created a transition envelope to invest in companies with higher emissions but also ambitious and credible decarbonization plans.
We previously disclosed the carbon footprint of our transition envelope separately, alongside the anticipated decarbonization pathways of the companies within it. Beginning this year, as part of our new climate strategy, we are considering these assets as fully aligned. Their carbon footprint is therefore included in the total portfolio's.
As at December 31, 2025, the portfolio’s carbon intensity, including the transition envelope, stood at 28.4 tCO2e/M$, down 64% since 2017. On a comparable basis with 2024 (excluding the transition envelope), the portfolio’s carbon intensity fell by 70% compared with 2017.
By the way, that's Bertrand Millot, Head of Sustainability featured in the pic. He is joining Marlene Puffer, Barb Zvan and others at the new Taxonomy and Transition Planning Council.
If La Caisse is a global leader in sustainable investing, it's because of Bertrand and his team.
Alright, I will let you read the social and governance sections and more here.
One thing I will say to La Caisse, PSP Investments, CPP Investments and other large pension funds I cover, you need to do a hell of a lot more work to attract and retain people with disabilities.
I know, it's not easy but in my opinion, all the stats on diversity and inclusion are worthless unless you commit to an action plan to hire the most discriminated against minority group.
I say the same to all private and public organizations: stop patting yourselves on the back, get to work.
I'll end it there but please take the time to read La Caisse's entire 2025 Sustainable Investing Report starting here (they should also provide a link to a full PDF report).
Remember, when it comes to sustainable investing, La Caisse and a few others set the standard, so it's important to track their progress in this area.
Below, in this episode, Toby Belsom, Director of Guidance and Reporting at the PRI, is joined by James Alexander, CEO of UKSIF and Chair of the Global Sustainable Investment Alliance, and Mette Charles, ESG Research Lead at Aon Investment Consultants.
Drawing on insights from the latest PRI reporting cycle, the largest ever, with over 4,200 signatories participating, the conversation explores what the data reveals about investor commitments, implementation challenges and emerging priorities across the responsible investment landscape.
Together, they unpack how investors are navigating geopolitical shifts, regulatory divergence and systemic risks while translating sustainability commitments into meaningful action.
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