Change that sustains at core of new funds
OTTAWA • With the approach of the G7 summit in Quebec next week, Canada’s biggest pension plans are preparing to announce investments in a new sustainability fund.
The initiative, focused on institutional investors in G7 countries, will focus on three themes over three years, a source familiar with the discussions told the National Post — the first on gender diversity in global capital markets, another on strengthening expertise in sustainable infrastructure and a third on financial disclosures to create sustainable change.
The Canada Pension Plan, OMERS, the Caisse de dépôt et placement du Québec and the Ontario Teachers’ Pension Plan are each expected to pitch in $1 million apiece, with another $5 million from the federal government, the source said.
The initiative is one of a multitude of programs for which Canada is trying to secure buy-in from its G7 partners — the United States, the United Kingdom, Germany, France, Italy and Japan.
Activities around Canada’s presidency this year
THE SUMMIT WILL ALSO MARK U.S. PRESIDENT TRUMP’S FIRST VISIT TO CANADA
have not just been restricted to the leaders’ summit in Charlevoix June 8 and 9.
On Monday and Tuesday, finance and development ministers are gathered in Ottawa, following previous ministerial meetings for other portfolios, a summit focused on women’s issues and another focused on youth issues. Civil society groups from all seven countries are also gathering in Ottawa this week.
Recent phone calls between Canadian Prime Minister Justin Trudeau and his counterparts offer a look at the major themes of the summit. Trudeau spoke with German Chancellor Angela Merkel earlier this month, according to his office, discussing education for women and girls, climate change and ocean protection in the context of the G7.
The summit will also mark U.S. President Donald Trump’s first visit to Canada, after he broke the longtime tradition of American presidents coming up north for their first international trip.
Trump’s presence could serve to hamper collective agreement on some of the major themes that Canada is pursuing, particularly on climate change. One of the president’s first moves in office was to exit from the Paris climate agreement drafted early in Trudeau’s mandate and lauded by the Canadian government and other G7 counterparts.