{"id":80483,"date":"2023-11-03T23:57:01","date_gmt":"2023-11-04T03:57:01","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/calpers-to-double-climate-investments-consider-asset-sales\/"},"modified":"2023-11-03T23:57:04","modified_gmt":"2023-11-04T03:57:04","slug":"calpers-to-double-climate-investments-consider-asset-sales","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=80483","title":{"rendered":"CalPERS to double climate investments, consider asset sales"},"content":{"rendered":"
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\u00a9 Reuters. A view of California Public Employees’ Retirement System (CalPERS) headquarters in Sacramento, California, U.S. February 14, 2017. REUTERS\/Max Whittaker\/File Photo<\/span>
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By Ross Kerber<\/p>\n

(Reuters) -California’s top public pension system on Friday said it will more than double its climate-focused investments to $100 billion by 2030 and consider selling stocks in companies with poor plans for the energy transition.<\/p>\n

Staff of the California Public Employees’ Retirement System (CalPERS) said the plan will boost returns for the $444 billion system, the largest in the U.S., plus cut in half its portfolio’s “emissions intensity,” a measure of emissions relative to output.<\/p>\n

“We believe there’s a full opportunity set coming about from the transition to a lower-carbon economy,” said Peter Cashion, CalPERS head of sustainable investing, in a call with reporters on Thursday.<\/p>\n

The moves represent a big bet on new technologies and that businesses and regulators will embrace steps to limit global temperature increases as CalPERS allocates retirement assets in the heavily Democratic state.<\/p>\n

Green energy investing faces much debate during a recent wave of oil-and-gas mergers and big writedowns for windfarm projects. But U.S. solar market values have hit record highs while gas prices have soared, supporting the business case for new infrastructure.<\/p>\n

Cashion said the new investments will be spread among companies that do things like mitigate emissions or make infrastructure more resilient to climate change, selected across different asset classes.<\/p>\n

New laws in California require more corporate climate disclosures. Additional proposed legislation would require state funds to sell fossil fuel stocks, following systems in other states such as Maine.<\/p>\n

CalPERS’ board voted in March to oppose the idea, saying it would do little to limit emissions and could compromise returns. Cashion called it “a very inelegant solution.”<\/p>\n

But he said CalPERS will develop a process to evaluate whether a company is prepared for stronger climate regulations or shifts in consumer demand. It will consider factors such as whether a company has plans validated by the Science Based Targets initiative, backed by the United Nations and business and environmental groups.<\/p>\n

For laggards, he said, “we believe that an underweight or some tactical change would be appropriate.”<\/p>\n

Although formal approval is not required, CalPERS staff will present the plan to the board’s investment committee for feedback Nov 13.<\/p>\n

California Treasurer Fiona Ma, the sole CalPERS board member to favor divestment at the March vote, did not immediately dismiss the new climate investment plan. She said in a statement she was “eager to hear more.”<\/p>\n

A 2021 law in Maine directed the state’s Public Employees Retirement System to halt new fossil fuel investments and divest current holdings by the start of 2026, “consistent with fiduciary obligations.”<\/p>\n

Putting the law in practice could force tradeoffs. In a report last year consultant NEPC found much of the $19 billion system’s exposure to fossil fuels was through private market holdings that might have to be sold at a discount, creating an estimated loss of $566 million in one scenario.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. A view of California Public Employees’ Retirement System (CalPERS) headquarters in Sacramento, California, U.S. February 14, 2017. REUTERS\/Max Whittaker\/File Photo By Ross Kerber (Reuters) -California’s top public pension system on Friday said it will more than double its climate-focused investments to $100 billion by 2030 and consider selling stocks in companies with poor […]<\/p>\n","protected":false},"author":1,"featured_media":5122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-80483","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCalPERS to double climate investments, consider asset sales | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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