CalPERS' Climate Portfolio: Greenwashing or Genuine Transition?
California's Public Employees' Retirement System (CalPERS), the largest US pension fund, has classified over $3 billion in holdings in fossil fuel companies and other major greenhouse gas emitters as "climate solutions." This has sparked controversy, with critics arguing it contradicts CalPERS' stated goal of transitioning to a low-carbon economy. CalPERS defends its strategy, claiming it aims to influence polluting companies while investing in clean energy, fulfilling its fiduciary duty. However, a report reveals CalPERS' climate portfolio includes 52 of the world's largest greenhouse gas emitters, highlighting challenges in meeting its emission reduction targets. The situation underscores the difficulty of balancing financial returns with climate commitments and raises questions about transparency and the definition of 'climate solutions'.
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