We are millions of workers who contribute to our pension fund managed by the Caisse de depot et placement du Québec (CDPQ). But our collective “wool sock” is no longer in step with the times. The prospect of making a return to the detriment of respect for the right to a healthy environment worries us and seems to us to be very counterproductive. We are of the opinion that we must ensure that the CDPQ’s investments are aligned with broader criteria than just profitability and the development of Québec. The Act respecting the Caisse de dépôt et placement du Québec which governs it must be modernized to place people and the planet at the center of its decisions.
Rethinking the CDPQ’s mission. The mission of the Caisse, enshrined in law, must reflect the challenges of our time. The climate emergency and the collapse of biodiversity, the lack of respect for human rights, including those of indigenous peoples in particular, require considerable change and effort from business, the financial sector and society as a whole. to counter these interrelated social and environmental crises. These challenges are forcing us to thoroughly rethink the very mission of our institutions, including the CDPQ.
The financial sector can and must show leadership. We cannot limit the mandate of our institutions in the financial sector to that of generating returns and “economic development” to the detriment of the environmental and social spheres. Our investments must be sustainable, respectful of international commitments on climate, biodiversity, human rights, including those of indigenous peoples, which are closely linked. The climate and biodiversity crises particularly affect already disadvantaged groups: women, indigenous peoples, the poor and young people.
The CDPQ, one of the largest pension funds in the world, is no exception. An evaluation and reporting of the social and environmental impacts of its investments are essential.
The use of legislative power: an international movement. Although the Caisse has undertaken to divest from oil, the fact remains that nothing in the Act respecting the CDPQ obliges it to be consistent with this decision. In its current form, for example, the Act explicitly grants the CDPQ the right to invest in the acquisition and development of oil and gas resources. A change in the direction of the institution would therefore suffice to reverse the current orientations. This possibility alone is unacceptable.
Legislative power can be used to align companies and institutions on important social and environmental issues and limit the harmful impacts of their investments. The Better Business Act in England or the Californian Fossil Fuel Divestment Bill are concrete examples. Right here in Canada, the climate-aligned finance bill, introduced by Senator Rosa Galvez, would notably require banks to align their greenhouse gas reduction target with those of the Canadian government. The amendment to the Act respecting the Caisse de dépôt et placement du Québec is part of this Canadian and international trend.
A law commensurate with the carbon footprint of the financial sector. The National Assembly, by modifying the mission of the Act respecting the CDPQ as proposed by the signatories, has the power to assure Quebecers that the investments made with their retirement money will be profitable, and that they will also have a lasting beneficial impact for people and the environment. This law must be up to the challenge represented by the colossal carbon footprint of the financial sector.
The Act respecting the Caisse de dépôt et placement du Québec must now represent the collective efforts required by the climate emergency and the biodiversity crisis to protect the common good and the interests of future generations. Intergenerational solidarity is essential to ensure a healthy and safe environment for our children.