$100 Billion Climate Action Plan

A plan to capitalize on new opportunities created by the move to a low-carbon economy.

Capital for Change

One of the World's Biggest Commitments to Climate Solutions

CalPERS will commit at least $100 billion in climate solutions, more than double our current allocation, funding progress through mitigation, adaptation, and transition.

Incredible Opportunity

Investing in the Energy Transition Provides Returns for Our Members

The transition is the largest economic revolution of our time. It is a major opportunity, with global investors spending $1.8 trillion on energy transition technologies in 2023.¹

Reducing Risk

Making Our Portfolio and Planet More Resilient

Investing in change across all asset classes will halve the carbon intensity of CalPERS' portfolio by 2030 and cut the risk that climate change poses to the pension fund.

Potential Investments

• Mitigation
  • Renewable energy: Solar, wind, hydro, and other renewable sources
  • Technologies that capture and store CO2 emissions
  • Waste management: Reducing, recycling, reusing, and capturing methane from landfills
• Adaptation
  • Water management: Systems addressing droughts, floods, and ensuring water supply
  • Agricultural adaptation: Techniques like drought-resistant crops
  • Disaster risk reduction: Early warning systems and community preparedness
• Transition
  • Climate-friendly operations: Alternative materials in cement production and energy efficiency and carbon capture for cement plants
  • Developing sustainable fuels: Aviation fuels from renewable sources and electric or hydrogen-powered aircraft for shorter routes
  • Low-carbon sources: Moving to wind, solar and hydroelectric power, retrofitting fossil fuel power plants, and exploring advanced nuclear

CalPERS Climate Action Milestones

• 2008

  Integrated environmental and social factors into our governance agenda

• 2013

  Adopted investment beliefs highlighting climate change in long-term value and risk mitigation

• 2015

  Supported Task Force on Climate-Related Financial Disclosures (TCFD)

• 2016

  Convened and co-founded Climate Action 100+

• 2018

  Signed Global Investor Statement to Governments on Climate Change

• 2019

  Founding member of United Nations' Net Zero Asset Owner Alliance

• 2021

  Co-founded ESG Data Convergence Initiative

• 2023

  Launched $100 Billion Climate Action Plan

• 2024

  CalPERS COIO Michael Cohen named Climate Action 100+ steering committee chair