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This report analyzes the climate transition progress of 594 pension funds in OECD countries, representing USD 22.5 trillion in assets, using data from the Net Zero Finance Tracker (NZFT). It evaluates funds across targets, implementation, and impacts, finding that while target-setting is increasing, significant fossil fuel exposure remains, and progress is heavily dependent on mandatory regulatory frameworks.

This executive summary from the Climate Policy Initiative (CPI) analyzes the climate transition progress of 594 pension funds in OECD countries, representing USD 22.5 trillion in assets. Using the Net Zero Finance Tracker (NZFT), the report evaluates these funds across targets, implementation, and impact, highlighting a trend of increasing climate target adoption and improved risk management, while noting a persistent material exposure to fossil fuel expansion.

This report analyzes the potential for subnational pension funds to increase investments in climate-smart urban infrastructure. It defines subnational pension funds as those limiting membership by location (province, region, state, city) or occupation. The document identifies structural and external barriers to these investments, evaluates the landscape across seven countries, and proposes financial instruments and policy recommendations to mobilize this untapped capital for the climate transition.

This fact sheet details a USD 272.6 million green bond issued by the California State Teachers’ Retirement System (CalSTRS) on December 19, 2019, to finance the expansion of its headquarters in Sacramento, California.

The Center for International Environmental Law (CIEL) issued a letter of support for recommendations by Fossil Free California and Environment California regarding climate risk disclosure under SB 964. CIEL urges the boards of CalPERS and CalSTRS to implement robust, detailed financial disclosures to demonstrate that their investment decisions regarding climate-vulnerable assets are consistent with their fiduciary duties to beneficiaries.