Staff for the California Public Employees' Retirement System (CalPERS) said the plan will boost returns for the $444 billion system, the largest in the U.S., plus cut in half its portfolio's "emissions intensity," a measure of emissions relative to output. Cashion said the new investments will be spread among companies that do things like mitigate emissions or make infrastructure more resilient to climate change, selected across different asset classes. Additional proposed legislation would require state funds to sell fossil fuel stocks, following systems in other states such as Maine. CalPERS has opposed the idea, saying it would do little to limit emissions and could compromise returns. But he said CalPERS will develop a process to evaluate whether a company is prepared for stronger climate regulations or shifts in consumer demand.

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Persons: Peter Cashion, Cashion, CalPERS, Ross Kerber, David Gregorio Our Organizations: Staff, California Public Employees, Democratic, United Nations, Thomson Locations: U.S, California, Maine