CalSTRS plans to dramatically increase its investment in clean technology industries over the next five years.
The California State Teachers’ Retirement System said it will increase its clean tech holdings from $1.4 billion to $3.7 billion in direct response to United Nations Secretary-General Ban Ki-moon’s call for action to reduce carbon emissions. CalSTRS is participating in this week’s U.N.’s Climate Summit.
“CalSTRS has long supported the case for global action on climate change and is seeing a growing number of investment opportunities in low-carbon solutions,” said pension fund Chief Executive Jach Ehnes in a prepared statement.
Eventually, the clean tech portfolio could grow to nearly $9.5 billion, although CalSTRS didn’t offer a timetable for that.
CalSTRS’ total portfolio is $188.3 billion.