CPPIB pledges no 'blanket divestment' in net-zero strategy

BNN: 'Canada's largest pension fund is vowing it won't rely on "blanket divestment" to meet its goal of achieving net-zero greenhouse gas emissions.

'Canada Pension Plan Investment Board (CPPIB), which had $550.4 billion in assets as of Dec. 31, announced on Thursday it intends be net-zero in all respects by 2050, and will make its internal operations carbon neutral by 2023. The ambition could have sweeping implications for CPPIB's global investing strategy.

'In a release, it signalled that it will be using the power of persuasion, rather than just dumping stocks that don't meet its needs. "[CPPIB] will continue to invest in and exert our influence in the whole economy transition as active investors, rather than through blanket divestment," it said.'