The California Public Employees Retirement System (CalPERS) has committed US$53 billion toward investing in climate-focused solutions. The asset owner identified US$47 billion in existing climate-focused investments in November last year and has since made US$3.6 billion in related investments across private equity and infrastructure. The firm is reviewing an additional US$3.2 billion in climate-related investments, which could be finalised over the coming months. “The energy transition represents one of the biggest investment opportunities in history,” said CalPERS CEO Marcie Frost. “We are providing the capital necessary to plant the seed for the low-carbon economy of the future.” Climate solutions funded by CalPERS over the past year include increasing its stake in UK-based renewable energy company Octopus Energy. This follows the launch of the asset owner’s US$100 billion Climate Action Plan, which forms part of its Sustainable Investments 2030 Strategy. The strategy seeks to reduce investment risks by halving the fund’s portfolio emissions by 2030 and reach net zero by 2050. “We believe that making sound, long-term investments in climate solutions will generate outperformance while also providing the clean energy needed to meet the increased demands that people have for their homes, cars and technology,” said CalPERS Chief Investment Officer Stephen Gilmore.
CalPERS Climate Solution Commitments Surpass $53 Billion: https://t.co/gULe2VUmn7 pic.twitter.com/8LttfC6slS
— CalPERS (@CalPERS) November 19, 2024
