Ginny Roscamp, Senior Press Secretary, Federal Communications, Sierra Club, ginny.roscamp@sierraclub.org
SACRAMENTO, CA — A representative with the Sierra Club’s California chapter testified at the September board meeting for California’s public pension CalPERS, calling on the pension to create a more robust climate investment strategy. CalPERS, which is the largest public pension in the U.S., came under fire earlier this year for its climate solutions fund including investments in the world’s largest oil and gas companies.
“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,” said Jakob Evans, Policy Strategist with Sierra Club California. “Implementing a set of core principles would allow CalPERS to enhance its leadership and set an example for other funds to model.” Read the full testimony.
Evans’ testimony highlighted the Sierra Club’s new principles for financial institutions on credible investments in climate solutions. The principles emphasize that investments in climate solutions must:
- Prioritize real-world decarbonization by financing projects and companies driving measurable, real-world emissions reductions.
- Facilitate the energy transition by building solar and wind capacity, as well as improvements in grid infrastructure, energy storage, and energy efficiency.
- Protect nature and biodiversity, given that over half the world’s GDP depends on healthy ecosystems.
- Support community climate resilience, including green housing, community adaptation, and pollution reduction, to protect workers and their communities.
- Support economic resilience, including seeking out regional investments, creating green jobs, and supporting globally equitable climate finance.
- Advance a just transition by supporting worker protections, investing in Indigenous stewardship, and prioritizing communities most harmed by climate change.
- Provide credible transition finance by financing high-emitting companies only if they are implementing a credible transition plan.
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.