CalPERS today approved investing up to $200 million over the next several years in a new environmental technology program; investments would include renewable energy sources, hydrogen-oriented energy sources and energy storage. The program, which could be expanded to $700 million, was strongly supported by union officials, who believe it will create new jobs as well as generate clean sources of energy. Separately, the $165 billion system placed Shenkman Capital Management on watch because of performance concerns, according to a summary of the board's Feb. 17 closed-session meeting. Shenkman runs $166 million in high-yield fixed income for the fund. Chris Formoso, a marketing-client service officer at Shenkman, declined to comment.