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Californian pension giant CalSTRS has revealed that both its public equity and fixed income corporate bond portfolios have used well over half the emissions allowances needed to stay aligned with a two-degree climate scenario, following an assessment by Institutional Shareholder Services (ISS).
ISS is more well known as a proxy voting advisory firm but has expanded into the wider ESG space in recent years with a series of acquisitions.
The findings were unveiled in CalSTRS’ newly published annual Green Initiative Task Force report, which this year, for the first time, also fulfils the fund’s responsibility under new Californian state law.
The rule, SB 964, which was passed in September 2018 by then Governor Jerry Brown, requires CalSTRS and California’s other giant public pension fund CalPERS to publicly report…