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B.C. pension seeks $5B in green bonds by 2025
Paula Sambo, Bloomberg News Boats travel in False Creek near the downtown Vancouver, British Columbia, Canada, on Sunday, June 2, 2019. Canada is scheduled to release gross domestic product (GDP) figures on June 28. Photographer: SeongJoon Cho/Bloomberg , Bloomberg
The British Columbia Investment Management Corp. plans to significantly increase its holdings of sustainability bonds as part of five-year goals for its public markets program.
BCI is targeting $5 billion of cumulative investments in sustainability bonds by 2025, compared with $887 million at the end of last year, according to a statement on its website. It will also reduce the carbon exposure in its global public equities portfolio by 30 per cent, using 2019 as a baseline.
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The overall business model of the investment management industry needs to be reengineered to deliver sustainable wealth creation that spans decades, not quarterly targets, says the 300 Club.