Two-in-three Canadians say investing in the energy transition will have a positive impact, but only 14 per cent actually have investments in the sector according to the sixth Earth Day survey by Mackenzie Investments.

Of the 1,500 adults who participated in the late-March survey, the Toronto-based investment management firm found 56 per cent believe they will see positive long-term results from supporting the switch to low-carbon and renewable energy sources. Yet only one in 10 say they are “very likely” to include energy transition investments as part of their portfolios in the next few years.

"It's encouraging to see how many Canadians recognize the value of investing in the energy transition – it's a critical part of our economic and environmental future," Fate Saghir, senior vice-president of sustainability at Mackenzie, said in a release. "But awareness on how to access these opportunities remains low."

Mackenzie managed approximately $218 billion in assets as of March 31,

High interest, low commitment

The results from the latest survey are similar to the results from last year and research from other organizations.

In its 2024 report, Mackenzie found 69 per cent believed investing in the energy transition will create a better world for future generations. But just 38 per cent felt they adequately understood the size and scope of the energy transition and the investment opportunities. Also, only 33 per cent who worked with an advisor have had a discussion about sustainable investing.

In an email exchange, Saghir told Sustainable Biz Canada the gap may be caused by lack of awareness and interest in sustainable investing declining because of economic uncertainty and market volatility.

Mackenzie’s survey results closely align with recent findings from the Toronto-based Responsible Investment Association (RIA). Its 2025 poll found two-thirds of retail investors expressed interest in responsible investing, which considers environmental, social and governance factors.

Just like the Mackenzie data, the RIA found a wide gulf between interest and action; ownership in responsible investments fell from 33 per cent in 2023 to 28 per cent in 2025. Also, 47 per cent in the RIA survey said they know little to nothing about the offerings and 19 per cent have never heard about it.

Lack of guidance, greenwashing stand out as worries

Another problem discovered in the RIA report was concerns about greenwashing – where companies misleadingly promote their services and goods as environmentally friendly or exaggerate their claims. The Mackenzie survey found similar worries.

Over one-third (34 per cent) of respondents in Mackenzie’s survey said greenwashing is a “major” concern, and 62 per cent believe it is a major or moderate concern.

Another issue is the belief sustainable investing lacks clear guidelines or standards – 41 per cent of those surveyed identified this as a problem.

The concerns can be addressed with regulations and rules such as the sustainable investing taxonomy and adoption of the Canadian Sustainability Standards Board disclosure standards, Saghir said. The disclosure standards, for example, "will ensure that all companies are reporting in a consistent and comparable manner, minimizing the risk of greenwashing, and creating more consistency across this space."

She also urges Canadians to learn more about sustainable investing though the RIA and visiting the websites of investment or wealth managers they are invested with to better understand how sustainability or the energy transition is included in their processes.

Mackenzie and its sustainable investing

To educate investors and advisors, Mackenzie offers resources about sustainable investment on its website, covering topics such as how sustainable bonds work, a breakdown of the clean energy transition and debt-for-nature swaps in emerging markets.

Last year, the firm hosted over 65 webinars, seminars and due diligence events on sustainable investing for over 3,500 advisors, investors and dealers, the company says in its 2024 sustainability report. Assets in its sustainable investment solutions totalled $5.8 billion, according to the report.

Mackenzie offers 16 specialized investment boutiques which consider sustainability factors in their process. For example, its Betterworld team that manages Canadian and global equity funds identifies large-cap equities that adhere to environmental, social and governance factors. Exposure to fossil fuels is restricted in the Betterworld funds.

The Canadian Equity Fund generates under half of the weighted average carbon intensity compared to the benchmark S&P/TSX Composite Fossil Fuel Reserves Free Index.

In 2024, Mackenzie made small steps toward its goal of having 50 per cent of its in-scope assets carry validated targets from the Science Based Targets initiative or an equivalent pathway. From 2023 to 2024, it inched up from 30 per cent to 32 per cent.