Calpers’ climate portfolio includes 52 of the world’s largest greenhouse gas emitters, according to a new report.
Calpers, the California Public Employees’ Retirement System, classified over $3 billion in holdings, including stakes in Saudi Aramco, Chevron, and a Chinese coal company, as "climate solutions." This classification, part of a $26.1 billion portfolio, is based on an accounting method allowing portions of public equities to be considered climate investments due to companies' green business activity. Environmental advocates and public sector unions are protesting this classification, arguing it contradicts the intended spirit of green investments, especially as Calpers' climate portfolio includes 52 of the world’s largest greenhouse gas emitters. Calpers defends its strategy, saying it aims to influence polluting companies and fund clean energy technologies while generating returns.
