California Pension Funds: Strategies for Mitigation of Climate Risk

December 5, 2023
Phil Angelides, Gabriel Greif, Cara Horowitz, Mary Nichols, and Julia Stein

Strong climate risk management requires transparency and accountability, concrete planning, and strong corporate governance. To mitigate climate risk and capitalize on opportunities related to the climate change transition, it is critical that the California Pension Funds build on their leadership in this arena and take additional steps to improve accountability and transparency in their portfolios.

This policy paper outlines key recommendations for the California Pensions Funds. They include: 

  • Quantitative interim goals set at no greater than 10-year increments.
  • Regular, standardized, public reporting about how efforts to reach those goals are faring.
  • Clear, transparent guidelines defining which investments are considered as climate solutions and requiring disclosure of such investments.
  • A set of minimum standards for climate action and disclosure principles applicable to financial institutions, including asset managers, banks, and other entities, with which the State contracts.

Read the paper.

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