Solar farm on a rural hillside

The Canada Pension Plan Investment Board (CPP Investments) has doubled down on its investments in green energy.

The investment manager more than doubled its investments in global renewable energy companies to $6.6 billion in the year ended June 30, according to CPP Investments’ latest report on sustainable investing.

The dive into renewables included significant investments in Alberta’s Enbridge Inc. and Brazil’s Votorantim Energia.

“CPP Investments’ exposure to renewables is aligned with our belief that the energy evolution provides opportunities for attractive long-term, risk-adjusted returns,” the investment manager stated in the report.

In the report, CPP Investments outlined its expectations of the companies it invests in, including that they disclose environmental, social and governance (ESG) risks.

The investment manager added that it supports companies aligning their ESG reporting with the recommendations made by the Sustainability Accounting Standards Board and the Financial Stability Board’s Task Force on Climate-related Financial Disclosures.

“We believe that by fully considering ESG risks and opportunities, we become better investors and are able to enhance returns and reduce risk for the fund’s more than 20 million contributors and beneficiaries,” Mark Machin, president and CEO of CPP Investments, said in a release.