The largest public pensions in the U.S. can drop coal companies without compromising investment returns, billionaire climate-change activist Tom Steyer told the board of the California State Teachers’ Retirement System.
Steyer, the founder San Francisco-based Farallon Capital Management LLC, said he doesn’t expect coal, oil and other fossil-fuel stocks to outperform companies that produce energy from renewable sources, meaning that pension funds can divest without jeopardizing returns.
