La Caisse leverages patient capital to accelerate global clean-energy investments

Emmanuel Jaclot’s leadership has propelled La Caisse, Canada’s second-largest pension fund, to invest $226 billion in climate-focused assets globally, with $38 billion directed to Quebec projects. The fund, managing $552 billion in assets, posted a 5.1 percent return in the first half of 2026 and unveiled a plan to allocate another $400 billion to renewable and low-carbon investments by 2030. Its unique dual mandate blends the pursuit of optimal client returns with the goal of stimulating Quebec’s economy, enabling early bets on wind, solar and hydro ventures, exemplified by the 2025 Innergex and Boralex takeovers totaling $13.8 billion.

La Caisse now invests in carbon-intensive companies that present credible, science-based decarbonisation roadmaps, committing $156 billion to such transitions, alongside $70 billion in climate solutions and $65 billion in other low-carbon holdings. The strategy emphasizes long-term, “patient” capital, extended investment horizons, and partnerships with Indigenous groups to secure social licence for renewable infrastructure. While retaining a modest exposure to natural gas, the fund earned an A- rating from Shift Action for its overall climate-safe investing approach.