CalPERS and other major public pension funds are surveying the top 500 global asset management companies on how they evaluate climate risk and opportunities.
Along with the $179 billion California Public Employees Retirement System, leading the appeal were the $129 billion California State Teachers Retirement System, $23 billion Connecticut Retirement Plans and Trust Funds, and $9.2 billion Illinois State Board of Investment.
They were joined by Floridas CFO Alex Sink, a trustee of the $140.9 billion Florida State Board of Administration; New York City Comptroller William C. Thompson Jr., trustee of the $105 billion New York City Retirement Systems; and Pennsylvania Treasurer Robin L. Wiessmann, a trustee of the $54.7 billion Pennsylvania Public School Employees Retirement System and other state pension funds.
The survey is designed to help investors understand what investment managers are currently doing to incorporate climate risk and opportunity into their financial analysis and company and portfolio valuation, according to a statement by the group of pension fund investors.
Ceres, a coalition of investors, environmental groups and other public interest organizations, and manager of the Investor Network on Climate Risk, will analyze the survey results to develop a set of best practices with respect to financial analysis, the statement said.
As institutional investors, we are concerned how environmental risks and opportunities will ultimately affect our returns, California Controller John Chiang, a trustee of CalPERS and CalSTRS, said in a statement about the survey.
The group asked the managers to complete the survey on climate risk in portfolio management by Dec. 23. The survey is accessible at http://www.incr.com.