California State Teachers’ Retirement System, West Sacramento, invested $1 billion in two new low-carbon transition readiness exchange-traded funds managed by BlackRock that began trading Thursday, Thomas Lawrence, spokesman for the $286.9 billion pension plan, said in an email.
CalSTRS invested $650 million in BlackRock U.S. Carbon Transition Readiness ETF and $350 million in the BlackRock World ex-U.S. Carbon Transition Readiness ETF, Mr. Lawrence said.
CalSTRS made the investments as part of its ts low-carbon transition work plan which pension officials began in May 2019.
The ETFs invest in large- and midcap companies, with a tilt toward companies BlackRock executives expect to benefit from the transition to a low-carbon economy, the release said.
“Investing in BlackRock’s transition readiness strategy is an innovative new way for CalSTRS to prepare for the global energy transition while also maximizing returns for our membership,” CIO Christopher J. Ailman said in a CalSTRS news release.
