CalPERS Applauds Increased Transparency in SEC Climate Disclosure Rule, But Notes More Needs to be Done
March 6, 2024
Communications & Stakeholder Relations
Office of Public Affairs
(916) 795-3991 - newsroom@calpers.ca.gov
SACRAMENTO, Calif. – Marcie Frost, chief executive officer for the California Public Employees’ Retirement System (CalPERS) issued the following statement Wednesday in response to the Securities and Exchange Commission’s Climate Disclosure Rule (PDF). The rule, for which CalPERS provided input and support in 2021 (PDF) and 2022 (PDF), will standardize the information that publicly traded companies disclose about their material climate-related risks.
"CalPERS supports the work of the commission in crafting the rule, a much-needed boost for transparency through clear, consistent, and comparable information.
Climate risk is investment risk. CalPERS has long been a proponent of enhanced disclosure, particularly in regards to Scope 1 and Scope 2 emissions, because it is crucial in making investments on behalf of our 2 million members.
While any progress is a victory for investors, there is still more work to do. Transparency is vital to the success of CalPERS’ sustainable investment plan and the transition to a lower-carbon economy."
About CalPERS
For more than nine decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 2 million members in the CalPERS retirement system and administers benefits for more than 1.5 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. For more information, visit www.calpers.ca.gov.