CDPQ signs the Tobacco-Free Finance Pledge
Caisse de dépôt et placement du Québec (CDPQ) has made the decision to withdraw from the tobacco industry. Tobacco is a public health issue that has serious consequences on the environment and on society, and we believe it is not an activity that is sustainable over the long term.
Accordingly, we have been reducing our exposure to this sector in recent years. Since December 2020, our portfolio has been free of any investment in tobacco – including producers and manufacturers of cigarettes and tobacco products, as well as those whose products are related to vaping.
With this commitment, we join the Tobacco Free Portfolios coalition, a group whose mission is to inform investors of tobacco’s impact, as well as prioritize and advance tobacco-free finance.
“Our withdrawal from the tobacco sector is consistent with our sustainable investment approach, which aims to always improve the environmental and social performance of our portfolio. We are proud to join the Tobacco-Free Portfolios coalition today.”
Charles Emond, President and Chief Executive Officer, CDPQ
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We have therefore signed the Tobacco-Free Finance Pledge, which was founded by the Tobacco Free Portfolios and developed in collaboration with other initiatives, including the Financial Initiative of the United Nations Environment Program (UNEP FI) and Principles for Responsible Investment (PRI).
“We congratulate and welcome CDPQ as the newest signatory of the Tobacco-Free Finance Pledge, an initiative now backed by 160 financial institutions in 21 countries with combined US$11.4 trillion AUM. As the world prioritizes global health and sustainability, we welcome CDPQ’s leadership and contribution to a rapidly growing global movement. Tobacco caused four times more deaths in 2020 than COVID‑19, filled our oceans with plastic and relied on child labor in supply chains. There’s never been a better time to go tobacco‑free.”
Dr. Bronwyn King, CEO and Founder, Tobacco Free Portfolios
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This commitment highlights the leadership of financial institutions that have implemented tobacco-free finance policies and encourages others to do the same. This is an example of the active role that the CDPQ, and the financial sector overall, plays in responding to global priorities, in particular in relation to the United Nations Sustainable Development Goals (SDGs).