CalPERS to double climate investments, consider asset sales
© Reuters. A view of California Public Employees' Retirement System headquarters in Sacramento, California, U.S. February 14, 2017. REUTERS/Max Whittaker/File Photo - California's top public pension fund on Friday said it will more than double its climate-focused investments to $100 billion by 2030 and consider selling stocks in companies with poor plans for the energy transition.
The moves represent a big bet on new technologies and that businesses and regulators will embrace steps to limit global temperature increases as CalPERS allocates retirement assets in the heavily Democratic state. New laws in California require more corporate climate disclosures. Additional proposed legislation would require state funds to sell fossil fuel stocks, following systems in other states such as Maine.
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