CalPERS successfully completed a number of initiatives, including the development of the Global Framework for Climate Risk Disclosure via the Climate Risk Disclosure Initiative and the Electric Utilities Greenhouse Gas Reporting Project.

CalPERS played a key role in a national effort to seek federal regulations to address climate change. The “Call to Action” campaign organized by CERES and the Investor Network on Climate Risk (INCR) held a press conference in Washington, D.C., in mid-March and issued a letter urging the federal government to take three specific actions to address the uncertainty created by the lack of national policy on climate change. The Call to Action was developed to draw attention to the fact that the uncertainty creates risks for both investors and business as they engage in long-term strategic planning, asset management, and capital budgeting.

• Implementation of the Environmental Company Engagement program. CalPERS will engage companies in the airline, auto, utilities, and oil and gas industries that are underperforming relative to their industry peers and lack disclosure on the four elements highlighted in the Global Framework for Climate Risk Disclosure;
• Support of the Carbon Disclosure Project through our membership and as a signatory;
• Participation in the Investor Network on Climate Risk (INCR); and
• Support of Environmental Shareowner Resolutions for Improved Disclosure.