The Caisse de depot reduced the carbon intensity of its portfolio by 11% last year and already appears to be well on its way to achieving one of the new objectives it set itself just last fall.
Having exceeded more than five years in advance the first target it had set itself in this area a few years earlier, the Caisse de dépôt et placement du Québec made a commitment last September to reduce, by 2030, the carbon footprint of all of its investments will be 60% below their 2017 level. By the end of 2021, it was already down 49% in total, we learn in the report. sustainable investment 2021 which is to be unveiled on Tuesday and whose The duty got snippets. The Caisse’s carbon intensity has thus fallen, in a single year, from 49 to 41 tonnes of CO2 per million invested, whereas it was 79 in 2017 and should be 32 by the end of the decade and on the way to carbon neutrality by 2050.
This “exceptional drop” in a single year is due to several factors, explained in an interview with the To have to Bertrand Millot, vice-president and head of sustainable investment at the Caisse. It comes from the increase in the total value of its low-carbon investments from 36 billion to 39 billion out of some 390 billion in net assets. The new target we set in September is to reach 54 billion by 2025. It is not easy, underlines Bertrand Millot, because the demand for real green investments is strong and their price is high. . We are also working to favor the best companies that are “serious in their climate commitment” and to get rid of the others.
Last year, four-fifths of the Caisse’s portfolio was made up of low-carbon assets (6%), renewable electricity assets (4%) or investments in low-intensity sectors (69%). , such as finance, healthcare and consumer goods. At the other extreme, the non-renewable electricity (3%), materials (2%) and energy (3%) sector accounted for barely 8% of the value of his portfolio, but more than 70 % of its carbon footprint.
“We are one of the most ambitious investors on the planet in this area, but we remain cautious. It’s about thinking long term, taking into account the energy transition and yields. Sometimes we may make decisions that have no immediate impact, but which will allow us to be well positioned for the future. »
Ukraine and the oil exit
The Fund also committed, last fall, to be completely out of oil production by the end of this year. Its investments in the sector were then around 4 billion. Following an initial exit from coal, the promise did not extend to natural gas or the transport of oil by pipeline, which alone accounted for around 8 billion in investments.
Regarding the sale of oil assets, “the process is well advanced”, assured Bertrand Millot, without giving further details. The drama of Russia’s invasion of Ukraine could even work in favor of the operation, he admitted. “Oil rose sharply because of the Russian-Ukrainian stake. The day it calms down, it could go down just as quickly. Do we want to wait until then? I am not sure. »