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US. California Public Pensions Are Major Fossil Fuel Investors
California’s climate-conscious policies aren’t matched by the investment choices of its largest public pension funds, according to a report from two environmental groups.
Of the 14 top U.S. pension funds analyzed by Stand.earth and Climate Safe Pensions Network, California Public Employees’ Retirement System, known as Calpers, and California State Teachers’ Retirement System, known as CalSTRS, were the largest investors in fossil fuel companies, with $27.1 billion and $15.7 billion, respectively, according to findings published Wednesday.
The two combined hold about half the fossil fuel assets for the entire group, according to the study. Calpers also came first in fossil fuel holdings as a proportion of its total assets under management, at 6.9%.
“It reveals to me that despite their rhetoric of being very active on climate issues, the proof is in their investment portfolio and what it looks like,” Richard Brooks, climate finance director at Stand.earth, said by email. “It looks to me like they are amongst the biggest laggards.”
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