Good for the Plan and the Planet: HOOPP Announces Net-Zero Emissions by 2050

·2 min read

Good for the Plan and the Planet: HOOPP Announces Net-Zero Emissions by 2050

The Healthcare of Ontario Pension Plan (HOOPP) has announced its plan to achieve net-zero emissions in its portfolio by 2050, with a focus on managing risks and leveraging climate-related opportunities. The plan includes deploying $23 billion in green investments by 2030 and reducing their carbon footprint through real-world emissions reductions. Their next step would be called, “Our climate strategy: good for the Plan and the planet.”

HOOPP recognizes the importance of managing climate change risks and opportunities as part of its fiduciary responsibility to deliver on the pension promise to Ontario healthcare workers. The plan aims to contribute to the transition to a net-zero economy through carefully selected interim targets especially reducing carbon footprint.

HOOPP CIO Michael Wissell said that HOOPP has started from a very strong position on their path to net-zero.

“We were the first pension plan in Canada to enact a greenhouse gas policy on our real estate portfolio, a portfolio that is recognized as a global leader in sustainability. Other examples include our ongoing investment in green bonds, transition-enabling infrastructure and our recently implemented $1 billion portfolio allocation to climate change equities,” he said.

Wissell added that climate change is a global issue that requires collective action, including enhanced and standardized reporting of information by companies.

“To that end, we want to have 80% of our assets providing reported emissions by 2025, for more accurate measurement of progress,” he stated further.

The plan's goals for 2030 include deploying $23 billion in capital for green investments, having 50% of its infrastructure and private equity portfolios with credible transition plans, and reducing its portfolio's carbon footprint to 28 tonnes of carbon dioxide equivalent per one million dollars, compared to a 2021 baseline.

Martin Garner, a climate activist in Halton shared that this announcement has been welcoming news.

“We all are aware of the grave impact of climate change so focusing on ways to reduce carbon footprint is now essential,” he said.

HOOPP has also committed to being net-zero within its own operations in the coming years.

Mary William, a Milton resident, felt that she feels gladder with this initiative because her parents benefit from the plan and it brings her hope to see that HOOPP is taking the importance of net-zero into their consideration.

Shazia Nazir, Local Journalism Initiative Reporter, The Milton Reporter, Milton Reporter