The Investment Management Corp. of Ontario has increased its stake in climate solution investments to 11.5 per cent of its portfolio, equivalent to $2.1 billion, according to a new sustainability report by the investment organization.
It noted the IMCO is aiming to hold $5 billion in transition assets by 2027 and to deploy 20 per cent of its portfolio in climate solutions by 2030.
Read: IMCO committing 20% of its portfolio to climate solutions by 2030
The investment organization reported an estimated 44 per cent reduction in its portfolio’s financed Scope 1 and Scope 2 greenhouse gas emissions, towards a 50 per cent reduction in these emissions by 2030.
The IMCO supported 72 per cent of environment-related shareholder proposals and 79 per cent of social-related shareholder proposals. In 2023, the organization voted for more than 25,000 items at more than 2,000 public company meetings.
In the report, Rossitsa Stoyanova, chief investment officer at the IMCO, said now that the investment organization has developed a baseline of environmental, social and governance investment guidelines, it’s targeting specific trends like decarbonization, human capital and robust governance.
“We are in the business of generating long-term returns, so material sustainability considerations are part of our investment processes across all asset classes.”
Read: IMCO betting big on private assets amid demand for sustainability