Addressing Private Market Climate Risks in Maryland’s Retirement System

The report identifies significant fossil fuel exposure within the Maryland State Retirement and Pension System's (SRPS) private market allocations, which comprise approximately 41% of its $74 billion in assets. It highlights specific controversial assets, such as the Rio Grande LNG terminal and the AES Corporation's power plant portfolio, and notes that 64% of energy companies associated with SRPS's private equity managers are fossil fuel-based. The document advocates for the adoption of five climate standards, including science-based targets and fossil fuel disclosure, to mitigate financial risks associated with the energy transition.

• Analysis of the energy companies owned or backed by SRPS's private equity managers shows a predominance of fossil fuel assets over renewables, with 64% of these companies being fossil fuel companies and 36% being renewable companies.
• The report proposes five specific policy standards for SRPS to manage private market climate risks: aligning portfolios with science-based targets, disclosing fossil fuel exposure and impacts, reporting a portfolio-wide energy transition plan, integrating climate and environmental justice, and providing transparency on political spending and climate lobbying.

APA

Private Equity Stakeholder Project (2026). Addressing Private Market Climate Risks in Maryland’s Retirement System. https://pestakeholder.org/wp-content/uploads/2026/04/PESP_Report_Maryland-Retirement-Climate-Risks_2026-compressed.pdf

Chicago

Private Equity Stakeholder Project. Addressing Private Market Climate Risks in Maryland’s Retirement System. 2026. https://pestakeholder.org/wp-content/uploads/2026/04/PESP_Report_Maryland-Retirement-Climate-Risks_2026-compressed.pdf.

Wikipedia

{{cite report |author=Private Equity Stakeholder Project |title=Addressing Private Market Climate Risks in Maryland’s Retirement System |date=April 2026 |url=https://pestakeholder.org/wp-content/uploads/2026/04/PESP_Report_Maryland-Retirement-Climate-Risks_2026-compressed.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{privateequitystakeholderproject2026addressing, author = {{Private Equity Stakeholder Project}}, title = {{Addressing Private Market Climate Risks in Maryland’s Retirement System}}, institution = {Private Equity Stakeholder Project}, year = {2026}, month = apr, url = {https://pestakeholder.org/wp-content/uploads/2026/04/PESP_Report_Maryland-Retirement-Climate-Risks_2026-compressed.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }