California’s massive Public Employees’ Retirement System has released the first climate risk assessment of its $394-billion pension fund. CalPERS and CalSTRS must then submit additional climate risk reports every three years until 2035. Beyond identifying the 20% of investments in climate-exposed sectors, the CalPERS draft report did not go into great detail about the sources of climate risk to its portfolio. Critics complained that the report did not shed much light on how climate risk will actually shape CalPERS’ investment decisions going forward. Gavin Newsom in September directing them to put their funds toward investments that will decrease carbon emissions and increase climate resiliency.

Source: Los Angeles Times December 19, 2019 23:37 UTC