Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

California Pension Fund Starts $500 Million ‘Green’ Portfolio

Nov. 10 (Bloomberg) -- California Public Employees Retirement System, the largest public pension in the U.S., plans to invest $500 million in companies working on curbing greenhouse-gas emissions and improving the environment.

The internally managed fund mimics HSBC Holdings Plc’s Global Climate Change Benchmark Index. Calpers said it will target companies with “a material portion” of sales from alternative-energy production and conservation; water, waste and pollution control; or finance activities such as carbon trading. The HSBC-based model includes 380 securities, Calpers said.

“This new index has kept pace with non-environmental investments in recent years, and has outperformed our external environmental managers who have focused solely on excluding polluting companies from their portfolios,” George Diehr, Calpers investment committee chairman, said in the statement.

The $221.5 billion pension fund, which earned 13.3 percent on its holdings in the past fiscal year, has placed $500 million since 2006 with external managers who won’t invest in “polluting companies,” Diehr said. The Sacramento-based plan also has poured $1.5 billion into private-equity firms that target companies working on environmental technologies.

To contact the reporter on this story: Michael B. Marois in Sacramento at

To contact the editor responsible for this story: Mark Tannenbaum at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.