Sierra Club Urges CalPERS to Better Define What the Pension Considers ‘Climate Solutions’ Investments – CleanTechnica

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Local leaders testify, deliver petition at board meeting as pension gives update on its Climate Act.

SACRAMENTO, CA — The Sierra Club’s California Chapter testified at the November board meeting of the California Public Employees’ Retirement System (CalPERS), calling on the pension to better define what it considers “climate solutions” in its Climate Action Plan. The Sierra Club has urged CalPERS and other pensions across the country to adopt strong criteria — such as the Principles for Climate Solutions Investments — and to regularly report on all of the assets included in its plan. Sierra Club California also delivered a new petition signed by 620 members — including 218 CalPERS beneficiaries — calling on the pension to adopt such principles.

At the meeting, CalPERS, the largest public pension in the U.S., gave an update on its Climate Action Plan, announcing it has reached $60 billion in “climate solutions” investments toward a goal of $100 billion by 2030. But major questions remain around what is included in those investments, after it was revealed earlier this year that CalPERS included investments in the world’s largest oil and gas companies in that plan.

During the hearing, CalPERS board member Mullissa Willette acknowledged the need for stronger principles to guide its investments and called on staff to disclose its climate solutions criteria, saying: “Our beneficiaries do want to know and deserve to understand how the assets are determined that go into that portfolio, and what criteria is being applied. … I think that’s really just good governance.”

“Principles that define climate solutions and establish a framework for risk reduction are important for all stakeholders that will carry this work forward. A clear and transparent Climate Action Plan can serve as a model for other investors figuring out how to mitigate climate risk.” said Jakob Evans, Policy Strategist with Sierra Club California. “The strength of CalPERS’ strategy — to reduce climate risk by financing the clean energy transition — will be amplified if peers adopt similar plans. Adopting principles would set CalPERS as an indisputable leader in climate investments, but that would require CalPERS to exclude fossil fuels from this $100 billion.” Read the full testimony.

MORE INFORMATION

Earlier this month, ahead of the meeting, Sierra Club called for CalPERS to adopt stronger criteria, such as the Principles for Climate Solutions Investments, to guide its investing strategy and focus on solutions that accelerate real-world decarbonization.

In September 2025, Sierra Club testified at the CalPERS board meeting and highlighted the principles.

About the Sierra Club

The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person’s right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.