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Message from the President
and Chief Executive Officer

Building and maintaining our Leadership in sustainable investing

The world is transforming. We’ve been observing it for several years now, from the adoption of artificial intelligence to geopolitical tensions and from economic upheavals to extreme weather events. Everything is changing at a breathtaking pace.

Is it possible to maintain a long-term view when the short term keeps us second-guessing? Absolutely. Especially for an investor like CDPQ, which is responsible for the retirement of over six million Quebecers.

Sustainable investing is and will continue to be debated on the international stage. All the while, investors are competing more than ever for transition assets, and they are strengthening their governance as well as diversity and inclusion practices. At CDPQ, we remain steadfast in our conviction that sustainability goes hand in hand with long-term returns. And I am proud to see how far we’ve come and everything our organization has achieved.

Fully playing our role

In 2017, when we announced our first climate targets, we were one of the first funds to adopt a pragmatic, ambitious approach that met an urgent global need. In 2021, we raised these targets. Two years later, we’re very close to reaching them, faster than expected owing to the proactive work of our teams on the ground.

These efforts also allowed us to announce new initiatives and to be one of the first institutional investors to completely exit oil production with the sale of our last stake in this sector. Because we believe it’s simply counterproductive to help increase the supply of this form of energy.

At the same time, we’re committed to supporting the transition, including in high-emitting sectors that are meeting the energy supply needs of communities around the world. We have a $10-billion envelope to invest in companies in these industries when they have a clear transition plan and specific targets to achieve. This is essential if we truly want to transition the economy.


At the same time, we continue to invest in low-carbon or low-intensity assets that are well positioned for the future. Taken together, they represent more than $330 billion—or close to 80%—of our total portfolio.

Beyond the environment, we have made progress in a number of areas, such as our strong commitment on international taxation, in line with the recommendations of the Organisation for Economic Co-operation and Development (OECD) and which, incidentally, earned us the first IJGlobal ESG Award for Governance in 2021, a major recognition in our industry. This commitment enables us to make better investment decisions, monitor companies whose tax practices fall short of our expectations, and continue to promote best practices at our portfolio companies. We want to ensure that they adopt the most responsible behaviour in their respective communities.

our role

Evolving our approach

Sustainability criteria are crucial as a tool for measuring companies’ long-term performance and risks. We should take full advantage of them.

Now, once a target has been reached, there’s only one good option: to raise it even higher. Further evolve our approach. Determine what we can do differently, and even better. Where we can have an impact. Social issues, in particular, are one of our top priorities.

Constructive capital, which aims to combine performance and progress, is our investment philosophy. So it’s important to look at our portfolio from every angle. Do our portfolio companies have positive, neutral or even negative impacts? One of our roles is to work with them on identifying the best ways to integrate ESG factors. This involves taking the full measure of what we can do, and leveraging that to improve our total portfolio’s sustainability.

Committed Teams

Our leadership in sustainable investing is recognized internationally. For example, we were ranked first in the world among pension funds in Global SWF’s 2023 GSR Scoreboard, which assesses the governance, sustainability and resilience practices of 200 pension funds worldwide.

This leadership on the world stage is due to the work of our people; their diverse talents and expertise propel us forward. I would like to thank them for their work—which is very demanding but well worth the effort.

More importantly, I want to emphasize that our convictions have indeed paid off in recent years, and I’m confident this will continue in the long term, for our depositors and future generations.

Image of Charles Emond’s signature.

Charles Emond
President and Chief Executive Officer

our approach

Creating value in a
world in transition

Sustainable finance is essential to investing. Not only must we manage the complexity of risks, but we must seize the best opportunities to deploy our constructive capital in Québec and around the world, thereby generating optimal sustainable returns.

We consult and engage with our portfolio companies, external managers, peers and other stakeholders to facilitate action. This approach leads to better-performing companies that can meet investor expectations while enhancing their competitive stance. These companies create value for our portfolio, as well as for the communities where they do business.

In 2023, our sustainable investing practices made use of the following levers:

  • Affirming our leadership through our business decisions
  • Generating and preserving value
  • Optimizing our processes to maximize efficiency

We draw on the expertise of all our teams as well as in our network. It is their combined experience and knowledge that drives our ability to create forward-looking projects and promising connections.


More than ever, our leadership position in sustainable investing is determined by the actions we take.

This year, our teams have focused on:

  • Developing tools that help us better define the impacts of our investments and align the business models of our portfolio companies with the transition
  • Engaging in proactive discussions with our portfolio companies on targeted topics related to sustainability to enhance their strategies and action plans
Affirming our leadership


CDPQ invests to ensure an optimal return for its depositors, notably by using its levers of influence in sustainable investing (Figure 1).

This year, we strengthened our engagement with all our companies. In the specific case of our private companies, we supported them in strengthening the sustainability of their business practices. Among other things, we do this by offering them tools, resources and best practices—see the Sanfer case study.

We have also analyzed the potential macroeconomic impact of an extreme weather event in a country where we have assets. The results of this analysis revealed the vulnerability or resilience of various asset classes, enabling us to propose mitigation and adaptation measures to the companies that risk being affected—see Appendix 4.

Lastly, we are tracking the decarbonization curves of our portfolio companies to accelerate the transition underway in their operations, in addition to expanding the scope of our commitments by working on biodiversity—see the section Our biodiversity activities.

Generating and preserving value
Figure 1
Our six sustainable investing levers of influence

Deployment of strategies, policies and initiatives to affirm our ambition in sustainability


Participation in initiatives and working groups in Québec and abroad alongside our peers in the financial ecosystem


Assessment of ESG performance integrated into the investment analysis and decision-making process


Advisory role for our teams, nominee directors, portfolio companies, external managers and operating partners to improve the integration of ESG issues

Dialogue and

Ongoing dialogue with our portfolio companies and external managers to promote ESG best practices and create and protect value


Exercise of our right to vote as a shareholder in accordance with our sustainability convictions and priorities

Activating our levers of influence


We are continuously improving our internal processes. This year, we deployed new tools that have enabled us to innovate, become more efficient and accelerate the development of our sustainable investing culture.


Our teams have developed a new application for managing our ESG data: AGIR. The purpose of this tool is to centralize and facilitate access to ESG information on our portfolio companies. In 2023, we integrated two business processes in it: ESG analysis and the management of our investment exclusions as defined in our Policy – Sustainable Investing.

ESG Grid

Our teams have worked to improve our methodology for rating external managers. It involves a grid used to assess their maturity according to various ESG factors, including climate as well as diversity, equity and inclusion (DEI). Tools have also been created to optimize the transfer of knowledge to our investment teams. This fosters efforts to promote best practices and demonstrates our conviction to help our external managers improve their approaches.


The ESG rating methodology on which the AGIR application is based was updated in 2023. Developed in-house, it was inspired by the Sustainability Accounting Standards Board (SASB) grid and is aligned with new standards issued by the International Sustainability Standards Board (ISSB). The methodology improves the way in which we take account of material ESG issues by establishing sectoral risk levels. It also allows us to rate all issuers across different asset classes in a harmonized manner, and facilitates analysis of their practices through an ESG assessment structure inspired by the Task Force on Climate-related Financial Disclosures (TCFD) framework.


We have developed a number of reference documents for our portfolio companies and external managers to help them integrate ESG factors into their business strategies. This includes the following documents:

  • Integrating ESG Factors to Create a Sustainable Business Strategy, which presents the four strategic pillars of ESG integration: governance, strategy, risk and opportunity management, as well as indicators and targets
  • Diversity, Equity and Inclusion: Value Creation Drivers, which explains the importance of developing a DEI strategy and provides tools for implementing it
Optimizing our processes

Message from the
Global Head of Sustainability

More than ever, the choices we make as investors are crucial, both for the planet and the communities where we do business. At CDPQ, our teams of experts are guided by our conviction that the path we started down several years ago is the right one. It is possible to maximize returns for our depositors while seeking a better alignment of capital with sustainable development. Our approach is pragmatic, and our efforts are aimed at contributing to a more sustainable future. As the results in this report show, our approach is paying off.

Today’s challenges are tremendous levers for value creation. This is why we have an optimistic approach, both here in Québec and internationally. We support our portfolio companies on a day-to-day basis to ensure that they implement solid transition plans and view this journey as a promising business opportunity. We believe that this is the path that leads to achieving our shared goals.

We see the financial ecosystem playing an essential role in advancing sustainability issues. This is why, once again this year, innovative partnerships have been central to our success. A case in point is our collaboration on major global initiatives. Together, we are moving forward on mobilizing private capital around concrete solutions to accelerate the transition. At major international forums and high-level gatherings such as the G20 and COP28, CDPQ’s leadership on these themes shines through.

To continue on this path, we can rely on our diversified teams, which continue to propose innovative solutions for meeting the challenges that lay ahead. Their wide-ranging expertise, openness to others and in-depth knowledge of the markets make me proud to be at their side, and give me confidence for the future.

Image of Marc-André Blanchard’s signature.

Marc-André Blanchard
Executive Vice-President and Head of CDPQ Global
and Global Head of Sustainability



We contribute to six United Nations Sustainable Development Goals


An active portfolio to accelerate the transition.

$53 B

in low‑carbon assets

$82 B

in SBTi-compliant or near‑compliant assets

$5 B

in transition assets

$330 B

in assets with
a low‑carbon footprint


We work
to build strong


of our employees are women


of our employees in Québec identify as a member of one of the following three groups:

  • Visible minorities
  • Ethnic minorities
  • Indigenous peoples


pre-investment opinions on tax practices


of our actively managed
public companies count
at least 30% women on
their Boards of Directors


We leverage solid governance practices.


Québec companies supported in their implementation of sustainable business practices


resolutions voted on at


shareholder meetings held by our portfolio companies


discussions to raise awareness on ESG factors among our portfolio companies and external managers


technology risk analyses