Below is a copy of the public testimony delivered by Jakob Evans, Policy Strategist with Sierra Club California, at the CalPERS board meeting in March 2026:
Good morning, Board members. My name is Jakob Evans, and I’m a Policy Strategist with Sierra Club California. I’m here today with concerns about how CalPERS is implementing its Climate Action Plan.
The Climate Action Plan presents an enormous opportunity to create significant returns for the fund and to mitigate systemic climate risks. As we have raised before, it is disappointing to see fossil fuel investments included in this plan.
The inclusion of fossil fuels is indicative of a larger problem: a lack of transparency and a need for clear definitions of climate solutions. As currently disclosed, the Plan does not answer questions about how the world's largest polluters drive value with minute investments in renewables or other "solutions" that are largely unproven and expensive technologies yet to be scaled.
We believe the CalPERS Climate Action Plan has laid critical groundwork for investments that support climate solutions in the real world--opportunities to drive value and mitigate threats to the retirement security of CalPERS beneficiaries. However, without clear guardrails, we're concerned that much of that opportunity is lost.
Sierra Club has previously shared with the board our Principles for Financial Institutions on Credible Investments in Climate Solutions. We believe CalPERS should adopt a set of climate definitions that set a high bar and ensure the Climate Action Plan meets its stated ambition.
Clear lines are critical for protecting the Climate Action Plan from greenwashing and ensuring the achievement of CalPERS’ objectives regarding addressing the existential risk of climate change. Given that this is simply about whether CalPERS counts its fossil fuel sector investments as climate solutions, as opposed to selling off holdings, there is no reasonable basis for keeping major polluters in the climate solutions program.
CalPERS has the opportunity to invest in infrastructure, such as green affordable housing and renewable energy, that will benefit the long-term economic health of the fund, provide union jobs, and protect the environment. Including investments in fossil fuels in this Climate Action Plan undermines the impact of these climate solutions, and CalPERS must consider implementing principles for the climate action plan.
Thank you.