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Canada’s Ivanhoé Cambridge plans net-zero portfolio by 2040

Ivanhoé Cambridge
By Hui Ching-hoo   
April 22, 2021

Canadian property investment firm Ivanhoé Cambridge plans to have a net-zero emissions portfolio by 2040, a decade sooner than under the Paris climate pact, a target that will include more than C$6 billion (US$4.74 billion) of low-carbon investments within four years.

According to the company, an arm of Canadian pension fund Caisse de dépôt et placement du Québec, it has almost doubled its low-carbon investments since 2017 to C$14.6 billion as of December 2020.

The “positive results have already enabled Ivanhoé Cambridge to increase and diversify its green financing, the terms of which are partly tied to the carbon intensity of its assets”, the firm says in a statement on April 20.

Its net-zero plan will cover its 800 global real estate projects. “A first milestone of a 35% reduction in our carbon intensity should be reached in 2025 compared with 2017,” Ivanhoé Cambridge says.

“Our target is ambitious but realistic, and we aim to ensure that the carbon trajectory of our portfolio is compatible with the Paris Climate Agreement,” Stéphane Villemain, the company’s vice president for corporate social responsibility, says in the statement.

More than 190 countries have signed on to the Paris accord which commits to keeping global temperature rise this century “well below” 2 degrees Celsius above pre-industrial levels, and take measures to limit it even further to 1.5 degrees. The latter goal would require net-zero emissions by 2050.

Montreal-based Ivanhoé Cambridge had C$60.4 billion of total assets as of December 2020.