California Voice: CalPERS’ $60B investment in ‘climate solutions’ lacks environmental standards, transparency

In November, the California Public Employees Retirement System announced it invested $60 billion in “climate solutions,” toward a goal of $100 billion by 2030. While the announcement highlighted several deals, the pension’s overall strategy remains shrouded in secrecy.

As the largest public pension in the U.S., what CalPERS does has major impact. Yet it does not disclose a complete list of its climate-focused investments, nor the criteria it used to select them.

When asked how CalPERS defines climate investments...