Background of the organization
Shift: Action for Pension Wealth and Planet Health is a new initiative from MakeWay that works to protect pensions and the climate by bringing together beneficiaries and pension funds to engage on the climate crisis. Shift helps Canadians understand where their retirement wealth is invested and how to engage with the people managing it. Shift wants to see Canadian pension funds make three important changes:
- Improve climate risk reporting: funds need to disclose or share critical climate change-related financial information with pension fund savers.
- Cut carbon emissions: funds need to cut high carbon investments from their portfolios
- Shift to investments that fight climate change: Funds need to increase their investments in climate change solutions dramatically
Funds from the grant will support MakeWay’s Shift Action for Pension Wealth project. Shift’s mission is to educate Canadian savers and pension beneficiaries on how to advocate for clean energy investments and climate risk disclosure in their portfolios. It has developed a model for supporting Canadian savers and pensioners in constructive engagement with their pension funds. Partners include Climate Legacy, the BC Government and Service Employees’ Union, Public Service Alliance of Canada, The Professional Institute of the Public Service of Canada,
teachers’ unions in Ontario and others. With this funding Shift will focus its work on ten of Canada’s largest pension funds, with a goal of creating a self-sustaining pension holder movement supporting action and accountability on climate risk.