ESG Today writes that CalPERS will also assess its portfolio of companies and exit investments in those that don't have a solid or credible carbon-neutrality strategy.
CalPERS officials stated that the new strategy will include ESG and climate risk analysis, while also implementing investments that lead to net-zero commitments, while promoting greater inclusion and representation in the financial sector.
Through the 100 billion USD climate investments, CalPERS aims to also reduce its portfolio-related carbon emissions by 50% before the next decade, while financing emissions reduction projects, climate adaptation and energy transition, especially in hard-to-abate industries.
CalPERS CEO Marcie Frost said that "our 2030 strategy for sustainable investing is the next step in CalPERS’ efforts to improve our long-term investment returns while also making meaningful progress in the fight against climate change. In addition, we are continuing the important work of promoting inclusive corporate leadership and the rights of workers."