We affirm
our convictions
to exercise
our influence
in Québec
and around
the world.

The scope of our actions

We are actively involved in a number of leading initiatives to affirm our convictions and leadership, as well as to raise awareness on sustainability issues among our peers and stakeholders (see Appendix 5). This mobilization is also intended to accelerate the deployment of private capital to finance sustainable solutions and promote the highest standards of disclosure. Our influence also extends to the communities where we are present, through our support for social, cultural and higher education organizations.

What sets
us apart

Once again this year, we stood out on the world stage through our leadership and expertise in sustainability.

For the second straight year, we ranked at the top of the list of pension funds included in Global SWF’s GSR 2024 Scoreboard. Considered a global benchmark, the scoreboard assesses the governance practices of 200 sovereign wealth and pension funds worldwide. This recognition reflects the quality of our teams’ work as well as the organization’s leadership on advancing sustainability issues around the world.
CDPQ was recognized in the Climate Change Champion category. This distinction reflects our efforts in the area of sustainable investing and our progress toward achieving our environmental objectives.
CDPQ won the Direct Investor and ESG/Sustainable Investor awards at the IPE Real Assets & Infrastructure Global Investor Awards, which recognize the achievements of pension funds and other institutional infrastructure investors. We stood out for our long-term performance while addressing societal challenges related to climate change and sustainable mobility.
Our real estate portfolio won several awards for excellence at the IPE Real Estate Global Awards 2024, including Global Real Estate Investor of the Year and the ESG Award.
Our leadership on sustainability issues and our transparency were recognized by Top1000funds.com and CEM Benchmarking, as we ranked fourth worldwide out of the 75 international investment funds evaluated.

Our mobilization initiatives

CDPQ is a central player in major climate leadership initiatives. Our actions, multi-stakeholder partnerships and commitments translate into tangible solutions to accelerate the transition. We support multiple initiatives and participate in several working groups aimed at advancing the finance sector. Our goal is to ensure that capital and sustainable development are better aligned.

Mobilizing private capital to accelerate the transition

In 2024, we contributed to a large number of private capital mobilization and climate leadership initiatives:

  • Launch of the Emerging Market Transition Debt (EMTD) strategy managed by Ninety One. The initiative, to which CDPQ and other members of the Investor Leadership Network (ILN) have contributed, aims to support the energy transition in emerging markets.
  • Alongside our partner Brookfield Asset Management, we made a commitment to the Catalytic Transition Fund (CTF), a multi-stakeholder fund focused on deploying capital in clean energy and transition assets in emerging markets.
  • Publication of Blended Finance Best Practice: Case Studies and Lessons Learned, in collaboration with the Sustainable Markets Initiative (SMI) and the ILN. This report identifies the success factors and drivers of blended finance and provides illustrations through concrete examples. One of the 13 case studies showcased is Montréal's Réseau express métropolitain. The report was well-received by players in blended finance around the world because it shows how innovative partnerships can be structured to enhance capital mobilization and the development of public-private partnerships.
  • Launch of a partnership created with the CREO Family Office Syndicate, the ILN, Builders Vision, and with the support of the Milken Institute, to develop an action plan to accelerate private financing and develop sustainable solutions in support of the energy transition.
  • Publication of the Impact Disclosure Guidance document. CDPQ was a member of the steering committee and the general committee of the Impact Disclosure Taskforce.
  • Participation in the Official Monetary and Financial Institutions Forum (OMFIF) working group that led to the publication of the report Global public funds and transition finance: risks, barriers and opportunities.
  • The Global Investors for Sustainable Development (GISD) Alliance issued recommendations for the UN’s Fourth International Conference on Financing for Development, and published Guidance on Sovereign SDG Bonds for Countries and Investors, a document for governments and investors that provides guidance on issuing sovereign bonds linked to the United Nations Sustainable Development Goals (SDGs).
  • Publication by the Glasgow Financial Alliance for Net Zero (GFANZ) of several case studies on transition finance and decarbonization, including CDPQ’s investment in AES Indiana.
  • Publication of the fourth report of the Net-Zero Asset Owner Alliance (NZAOA) that shows notable progress toward the net-zero target, including average reductions in absolute financed greenhouse gas emissions of at least 6% annually.
  • Participation in the NZAOA’s call to action for governments to urgently find solutions to systemic climate risks.
  • Participation in founding of the Hamburg Sustainability Platform (HSP), in collaboration with Global Affairs Canada, the German Federal Ministry for Economic Cooperation and Development (BMZ) and several European governments, including France, the United Kingdom and Denmark, as well as South Africa and other institutional peers such as Allianz and Zurich Re. This platform aims to accelerate mobilization of capital toward emerging countries.

Preparing for the adoption of new disclosure standards

Sustainability information represents a sign of confidence for investors, and must be comparable from one company to another. This enables us to make informed investment decisions.

For several years, we have been involved in the development and promotion of sustainability standards across Canada. We have also contributed to discussions on financial reporting standards related to sustainable development with the International Sustainability Standards Board (ISSB). These rules help consolidate existing disclosure frameworks, including the Sustainability Accounting Standards Board (SASB) standards and the Task Force on Climate-related Financial Disclosures (TCFD).

At the end of 2024, we also supported, through a Joint Statement with 10 Canadian peers, the roll-out of the Canadian Sustainability Disclosure Standards (CSDS 1 and CSDS 2) established by the Canadian Sustainability Standards Board (CSSB). These standards are aligned with the ISSB’s international standards, while taking into account the specifics of the Canadian context.

Cultivating sustainable finance

In our role as an institutional investor, we take concrete action to propose sustainable solutions and raise awareness among our various stakeholders on the challenges in sustainable finance.

This year, we demonstrated our leadership in this area by participating in the following initiatives, particularly in Québec:

  • Contribution to the Sustainable Finance Summit, organized in spring 2024 by Finance Montréal, by discussing biodiversity's potential for investors and for sustainability. This event brought together leading experts to talk about how finance can meet the challenges of economic development, environmental protection and sustainable development.
  • Helping organize the Michael D. Penner Institute’s inaugural conference on sustainability issues, held in Montréal on May 2024, under the theme “20 Years of ESG: What choices are needed to create a sustainable world?”
  • Participation in meetings of the Convertgence committee of the Chamber of Commerce of Metropolitan Montreal (CCMM). This initiative provides companies of all sizes and in all industries with specialized resources, services, training, tools and support to help them reduce their carbon footprint.

Contributing to international discussions

In order to promote sustainable investment best practices and build relationships with partners whose objectives are aligned with CDPQ’s, we take an active role in discussions at the most important international meetings.

CDPQ attended high-level meetings as part of the B20, an official forum organized on the sidelines of the G20 Summit in Rio de Janeiro to stimulate dialogue between the business community and international leaders. We co-led the “Finance and Infrastructure” working group, dedicated to developing an innovative approach to mobilizing private capital to accelerate the transition. The group published a series of recommendations, several of which were included in official G20 statements.
This international event brought together members of the financial community, policymakers and civil society representatives from around the world. We discussed the challenges of developing blended finance and decarbonization policies in order to implement more concrete solutions to support the transition to a more sustainable economy.
Our attendance at COP29, which was held in Baku, Azerbaijan, gave us the opportunity to recall the fundamental role that private finance plays in accelerating the climate transition and strengthening nature conservation. We also reiterated the need to forge new partnerships to encourage investment in both developing and developed countries.
At COP16, which was held in Cali, Colombia, we highlighted our biodiversity initiatives and promoted the indispensable role played by the financial sector in ensuring the preservation of nature.
Marc-André Blanchard, CDPQ’s Global Head of Sustainability, co-chaired the ILN Global Investor Forum 2024 in Cape Town, South Africa. This gathering brought together leaders of the private sector, philanthropy and the 2025 G7 (Canada) and G20 (South Africa) presidencies to discuss how to tackle economic and social challenges in an increasingly complex world. In addition, the forum addressed how, in partnership with Brazil’s 2025 COP30 presidency, to align policies to accelerate the development of innovative partnerships to scale private capital for the transition.

Our commitment
to the community

Our role extends beyond our investment activities. We also take direct actions to support the communities where we do business. Our philanthropic activity is focused on four priority sectors:

  • Communities
  • Health
  • Sustainable development
  • Academics
Photo:
Charles Mercier
OBOX.STUDIO
Photo: Maxime Brouillet

Support for several organizations

In 2024, we supported over 200 organizations, including the following:

GRIS-Montréal's activities aim to foster a better understanding of sexual and gender diversity and facilitate the integration of LGBT+ individuals into society. The Le GRIS part en tournée project, supported by CDPQ, will travel across Québec, visiting primary and secondary schools that, due to their geographical location, are poorly served by LGBT+ organizations. The first phase of the project involved 131 activities in 29 schools in the priority regions of Bas-Saint-Laurent, Saguenay–Lac-Saint-Jean and Gaspésie, as well as in Montérégie, Outaouais and Lanaudière.

The project’s second phase will focus on the Côte-Nord, Nord-du-Québec and Abitibi-Témiscamingue regions.

We are supporting Grow Beyond, a major fundraising campaign that seeks to raise $500 million by 2028 to fundamentally transform the life trajectory of every child receiving treatment. Charles Emond, President and CEO of CDPQ, is Co-Chair of this major campaign.
We support and promote the Foundation, whose mission is to support creation in the visual arts and research into art and architecture in light of environmental challenges. We also support its cultural mediation activities for seniors.
Renewed in 2024, our support for the Foundation provides support for existing sites and to develop new points of service in the regions in order to expand the YMCA Alternative Suspension program, which works with students temporarily dismissed from their school setting.
Our support for the Académie enables us to contribute to an environment more conducive to the success of young entrepreneurs who have growing business projects. It also develops high-level skills among Université Laval students and graduates by providing unique, personalized, practical and applied coaching.
See next section – Environment