Below is a copy of the public testimony delivered by Jakob Evans, Policy Strategist with Sierra Club California, at the CalPERS board meeting in June 2025:
Good morning, Board members. Thank you for the opportunity to comment today. My name is Jakob Evans, and I’m a Policy Strategist with Sierra Club California. I’m here today with interest and recommendations relating to the implementation of CalPERS’ Climate Action Plan.
We continue to applaud the long-term commitment that CalPERS has made to addressing climate change and its move to commit 100 billion dollars to investments in climate solutions. This sum is significantly more ambitious than commitments made by CalPERS’ peers, reinforcing CalPERS’ position as a global leader in sustainable finance.
Transparency and accountability in all aspects of this initiative will be key to its success and must be integrated. California Common Good recently shared a report with CalPERS relating to the Climate Solutions Fund, recommending that CalPERS adopt five core principles with regard to what investments should be included as part of the fund. Those principles are:
- 1. Adopt strong, science-based definitions of climate solutions
- The science is clear: in order to achieve the goals of the Paris Agreement, above all other solutions, we must reduce emissions from coal, oil, and gas and build out renewable energy capacity. CalPERS should adopt and disclose its framework for evaluating climate solutions in line with the best available science.
- 2. Exclude companies on the Carbon Underground 200 list
- The world’s largest polluters have no place listed among climate solutions.
- 3. Exclude companies that have no credible transition plan
- Transition finance will play a pivotal role in reducing emissions, but poses significant risks of greenwashing and must be approached with strong guardrails.
- 4. Disclose investments in all asset classes and methodology annually
- As the fund evolves, CalPERS should disclose its current investment strategy, including investments across all asset classes, including public and private investments.
- 5. Commit to ongoing engagement with CalPERS plan participants and stakeholders to share updates and continue refining best practices
- Plan participants and stakeholders should have regular opportunities to learn more about CalPERS’ sustainable investment approach and provide feedback. Climate change is already impacting Californians, and the crisis requires an all-hands-on-deck commitment to ensuring as robust a response as possible.
We appreciate the Board’s and staff’s interest in dialogue on these points and look forward to discussing how the climate action plan can become more robust and transparent. Thank you.
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Read the press statement: Sierra Club Asks CalPERS For Greater Transparency On Its Climate Solutions Fund