The C$517B Caisse de dépôt et placement du Québec reported a sharp increase in climate-related investments by the end of 2025, alongside a greater emphasis on governance in the rollout of its 2025–2030 climate strategy.
Last June, the Caisse released its updated climate strategy, targeting $400B in climate action investments to accelerate the decarbonization of its portfolio companies and the broader economy. As of Dec. 31, 2025, the fund had reached $226B in climate-related investments, up from $158B in 2024, according to a press release. The total includes $38B deployed within Québec, $156B invested in companies with decarbonization targets and $70B in climate solutions, among which $65B was directed to low-carbon assets, with nearly $20B of that figure invested within the province.
Despite broader shifts in the sustainable investing landscape, the Caisse said it remained committed to its climate and social objectives.
“Staying true to our convictions despite the headwinds, which have grown stronger, is something we can all be proud of,” Charles Emond, the fund’s president and chief executive officer, said in the release. “As a long-term investor, we need to gain some perspective and analyze underlying trends to look beyond short-term upheavals.”
The fund also placed greater emphasis on social and governance factors in 2025, requiring that criteria such as fair tax practices be incorporated into the analysis of each investment opportunity, noted the release. By year-end, women represented 48% of employees and 43% of the board of directors, while 28% of its Canadian workforce identified as members of visible or ethnic minorities or Indigenous peoples.
Among its actively managed public companies, 76% had at least 30% women on their boards, representing an increase of 85% since 2020. The Caisse also issued 339 notices to ensure compliance with its pre-investment tax criteria.
Governance remained a focus of the strategy. The fund said it supported 12 Québec companies in integrating sustainability into their business strategies and held discussions with 451 portfolio companies on issues including artificial intelligence and human rights. The investment organization exercised voting rights on 32,169 resolutions at more than 3,000 shareholder meetings and opposed the reappointment of directors at 35 companies due to insufficient action on climate priorities.
The Caisse also continued integrating sustainability considerations across its investment teams, according to its latest sustainability report. As of 2025, most teams had begun incorporating such factors into their decision-making processes, with full implementation expected this year.
The rollout included tailored training sessions by asset class, decision-making guidelines covering sustainability risks and opportunities, and a new analytical platform to monitor portfolio companies and assess their progress. The strategy also provides access to tools designed to support integration of sustainability considerations into investment decisions.
In 2025, the fund introduced an internal qualitative framework to assess the sensitivity of companies’ business models to the energy transition, taking into account regulatory, technological and socioeconomic developments.
“In a rapidly changing environment, our responsibility as a long-term investor is to take concrete action,” Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability, said in the release. “This compels us to refine our practices to fully integrate sustainability into the core of our investment activities.”
He added that the approach is designed to help the Caisse support portfolio companies while anticipating risks and opportunities tied to major structural shifts, including climate, technological and societal transitions.
