Stockholm (NordSIP) – Wellington Management, has announced it will partner with Ontario Teachers’ Pension Plan (OTPP) to integrate climate science research into the pension plan’s investments. OTPP is the largest single-profession pension plan in Canada. It manages the pensions of the province of Ontario’s 329,000 active and retired teachers, which were worth US$207.4 billion in net assets at the end of 2019.
Wellington and Ontario Teachers’ will draw on the scientific expertise of the Woods Hole Research Center, a climate change think-tank, and seek to apply findings from climate research to the execution of OTPP’s investment strategies.
“Our investments, particularly those in real assets, require careful consideration of the physical risks posed by climate change. With access to top-quality climate science data, we can build on our own expertise in this area and use the research provided to develop deeper insights,” said Ziad Hindo, chief investment officer at Ontario Teachers’. “The world will not be the same after COVID-19, but our commitment to responsible investing will not change. Strong, mutually beneficial relationships, such as ours with Wellington and Woods Hole, will continue to be a key component of delivering on our commitment.”
“We are excited to work with Ontario Teachers’ to bridge the gap between finance and climate science,” noted Wendy Cromwell, vice chair and director of Sustainable Investment at Wellington. “Physical climate risks are unfolding and will impact companies, economies, and society. It is a privilege to work on behalf of the teachers of Ontario to understand and navigate these risks and opportunities.”
“If humanity is to meet the grand challenge of climate change, all sectors of society will need to participate. This partnership is a powerful step, because it helps the business and financial communities understand the physical risks of climate change and how they affect livelihoods,” said Dr Philip B. Duffy, president and executive director of the Woods Hole Research Center.
Founded in 1928, Wellington advises more than 2,200 institutional clients and mutual fund sponsors in 60 countries and had over US$1 trillion of client assets under management as of 30 December 2019.