Oregon State Treasurer Ted Wheeler is seeking an increase in renewable energy investments by the $71 billion Oregon Public Employees Retirement Fund, said Michael Cox, spokesman.
Currently, the Salem, Ore.-based pension fund has $101 million in renewable energy investments and Mr. Wheeler wants to see the renewable energy portfolio grow to about $206 million in 2020 and $406 million by 2030, Mr. Cox said.
Mr. Wheeler hired investment consultant Pension Consulting Alliance to study whether the pension fund can replace fossil-fuel companies in its fixed-income portfolio with investments that have similar risk-return attributes but aren't on the Carbon Tracker 200 lists of global public coal, oil and gas companies based on potential climate impact of their reserves. PCA is an existing investment consultant to the Oregon Investment Council, Tigard, which oversees the public employees fund.
In addition, Mr. Wheeler will not support new coal investments.
“Recent analyses have concluded that profitable investments in coal are diminishing, with some concerned that coal investments will become 'stranded assets,'” Mr. Wheeler said in a news release issued Friday.
