The Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, today announced the publication of its Green Bond Framework. Green Bonds will provide a new tool in PSP Investments’ toolkit to support strong financial performance and responsible investment outcomes.
PSP Investments’ Green Bond Framework is aligned with existing standards in green bond and sustainable debt markets. It has been awarded an environmental rating of “Medium Green” and the highest possible governance score of “Excellent” by CICERO Shades of Green. CICERO Shades of Green is internationally recognized as a leading provider of independent reviews of green bond frameworks and provides an independent assessment of the processes established to assess and select eligible projects for green bond investments.
“In addition to equipping PSP Investments with a new financing vehicle that is expected to broaden our investor base, the Green Bond Framework supports our comprehensive climate strategy, which will be released in 2022”, said Neil Cunningham, President and Chief Executive Officer at PSP Investments. “As a steward of retirement assets of over 900,000 contributors and beneficiaries, we have a longstanding practice of responsible investing as a means to better manage ESG risks and generate the long-term adjusted returns needed to achieve our mandate.”
The Green Bond Framework will enable PSP Investments to answer increasing investor demand for sustainable debt products. Eventual Green Bond proceeds will be used to fund projects with high environmental impact or those where environmental performance will be improved over time, in the following categories:
- Renewable energy
- Energy efficiency
- Pollution prevention and control
- Environmentally sustainable management of living natural resources and land use
- Sustainable water and wastewater management
- Circular economy adapted products, production technologies and processes
- Green buildings
- Clean transportation
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