News & Analysis

In brief: HOOPP ‘well underway’ with C$23bn green investing plan

The Canadian pension says it is 'too soon' to say how the investments will be spread across asset classes.

-

The Healthcare of Ontario Pension Plan (HOOPP) intends to invest C$23 billion ($16.8 billion; €15.6 billion) in “green investments” by 2030 as part of its plan to achieve net zero, equating to around 22 percent of the pension’s current value. The investment is “well underway and [we] have been deploying capital”, Sarah Takaki, managing director, sustainable investing, told New Private Markets via email. “We will report progress in our annual reports,” she added.

HOOPP is using the Climate Bonds Initiative taxonomy to define its green investments, which will be split across various asset classes. “It is too soon to say what the mix will as it will ultimately reflect where we find the most attractive opportunities,” said Takaki.

HOOPP unveiled its net zero plan earlier this month. In addition to its $23 billion in green investment, by the 2030 deadline, HOOP “expects to”:

  • have 50 percent of its infrastructure and private equity portfolios with credible transition plans;
  • have reduced its portfolio’s carbon footprint to 28 tCO₂eq/$M, compared with a 2021 baseline.

As of the end of 2022, HOOPP had net assets of C$103.7 billion, with C$4.7 billion in infrastructure, C$17.7 billion invested in private equity (excluding unfunded commitments), and C$21 billion in real estate.