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Canada pension speeds up renewables push with new sustainable energy group

Canada Pension Plan Investment Board (CPPIB) said on Tuesday it will create a new investment group that focuses on sustainable energy, in a bid to boost its portfolio of renewable energy investments.

April 6 (Reuters) - Canada Pension Plan Investment Board (CPPIB) said on Tuesday it will create a new investment group that focuses on sustainable energy, in a bid to boost its portfolio of renewable energy investments.

Pension and infrastructure funds have been investing more in the renewable energy space, given the steady returns such assets generate, amid a push for tackle climate change.

The new group, Sustainable Energy Group (SEG), will combine Energy & Resources (E&R) and Power & Renewables (P&R) groups and have about $18 billion in assets.

Bruce Hogg, former head of Power & Renewables group, will lead SEG.

In November, Canada's eight biggest pension funds urged companies and their investment partners to report environmental, social and governance (ESG) data in a standardized way to improve corporate sustainability reporting. [https://reut.rs/3rSAy0j]

(Reporting by Rithika Krishna in Bengaluru; Editing by Shinjini Ganguli)

((Rithika.Krishna@thomsonreuters.com;))

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