UNITED NATIONS - Insurers and pension funds managing US$2.3 trillion pledged on Monday to shift their portfolios away from carbon-heavy industries in the hope of triggering snowballing climate commitments from other big investors.
As accelerating climate impacts become increasingly apparent via heatwaves, wildfires and receding coastlines, the financial sector is under growing pressure from activists, shareholders and regulators to respond. Members of the new grouping pledged to align their portfolios with a goal enshrined in the 2015 Paris Agreement to combat global warming to limit the increase in average temperatures to 1.5 degrees Celsius.
"CalPERS recognises that climate change poses urgent and systemic risk given our responsibility to protect our members' financial assets and provide the long-term returns that can pay pensions for this and coming generations," said Marcie Frost, chief executive of CalPERS. Michael Sabia, the chief executive of Caisse de dépôt et placement du Québec , one of Canada's biggest pension funds, said there could be huge opportunities for investors willing to finance a fast transition to clean energy.
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