CalPERS, CalSTRS Push G7 Ministers to Back Emissions Reduction Goal

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The CEOs of the two largest public pension funds in the U.S. are urging G7 finance ministers to support a firm, long-term goal for reducing global greenhouse gas emissions.

The pension chiefs join over 100 other institutional investors in calling for G7 to deal with climate change.

From the Financial Times:

Anne Stausboll of Calpers, which has a portfolio of investments worth nearly $300bn, and Calstrs’ Jack Ehnes, are among more than 100 institutional investor heads who have signed a joint letter to the finance ministers ahead of a G7 preparatory meeting in Germany this week, saying climate change is “one of the biggest systemic risks” investors face.

It is the first time a global coalition of investors has called for such action, according to representatives of the group, which also includes the Ontario Teachers’ Pension Plan in Canada and ERAFP, the pension fund for French civil servants.

[…]

Ms Stausboll said that a long-term, emissions-cutting goal and a price on carbon dioxide pollution were “critical” for sending the market signals needed to encourage greener investments.

“A global agreement in Paris will provide clarity for investors and advance the shift to a low carbon economy,” she said in a statement.

The institutional investors calling for a firm emission reduction target collectively manage over $12 trillion.

 

Photo by  Paul Falardeau via Flickr CC License

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