Below is a copy of the public testimony delivered by Jakob Evans, Policy Strategist with Sierra Club California, at the CalPERS board meeting in September 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 in appreciation of CalPERS’ ambitious climate action plan and with suggestions for how it can be made more robust.
CalPERS is not the only pension fund to have made commitments to investments in climate solutions, but it is a clear leader with its ambitious $100 billion commitment. While commendable, this commitment can be made more impactful with a set of climate principles that provide a framework for transparency and engagement within the organization, with stakeholders, and with external managers.
For example, a robust climate investment strategy excludes unproven and uneconomic solutions and high-emitting companies without credible transition plans. This means excluding carbon offsets and investments in gas infrastructure and including definitions for renewable energy and green, affordable housing investments.
The Sierra Club has developed a set of Principles for Climate Solutions Investments, endorsed by 35 and counting leading environmental, labor, and community organizations, that set standards for credible and impactful investments in climate solutions. We have shared these with the Board and Sustainable Investments team, and will be publishing them later this month.
Implementing a set of core principles would allow CalPERS to enhance its leadership and set an example for other funds to model. We recognize that CalPERS is developing new strategies to address the climate crisis, which requires ongoing dialogue with external managers and peers. Not only can CalPERS create a leading model amongst peers, but clear and transparent principles would provide a mandate for responsible and credible climate investment offerings, impacting the broader financial industry.
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 More Robust Climate Investment Strategy