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California’s pensions are getting greener

RISKY BUSINESS: The real-world costs of climate change are forcing California’s biggest public pension system to re-evaluate parts of its massive investment portfolio.

The California Public Employees’ Retirement System for years has resisted activists’ calls to dump all its oil and gas holdings, saying it doesn’t have the luxury of embracing “social responsibility” if there’s a risk to members’ pensions.

But under a proposal published Friday, the system would add new scrutiny of climate risks in its $444 billion portfolio while expanding investments in things like renewable energy, carbon capture and drought-resistant crops.

Read more from Politico.

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