A Closer Look At New Calif. Pension Fund Climate Law
By Kristie Blase, Jeanne Solomon, Anthony Caldwell and Joe Tagliaferro III (December 5, 2018, 11:50 AM EST) -- Landmark new California legislation signed into law on Sept. 23, 2018, and going into effect Jan. 1, 2019, requires the two largest pension funds in the country with over $550 billion in combined assets under management — the California Public Employees' Retirement System, or CalPERS, and the California State Teachers' Retirement System, or CalSTRS — to publicly report on their climate-related financial risks every three years starting in 2019.
This legislation was enacted approximately one year after the Financial Stability Board's Task Force on Climate-Related Financial Disclosures, or the TCFD, released its recommendations on climate-related financial disclosures. We expect that the new California...
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