Calpers calls fossil fuel stakes ‘climate-friendly’

Transparency needed: Saudi Aramco employees at the natural gas liquids facility Shaybah oil field in the Rub’ Al-Khali desert. Calpers has set ambitious targets to be a leader in green investments. — Bloomberg

NEW YORK: The United States’ largest pension fund has classified more than US$3bil of holdings in oil drillers, coal miners, and other major greenhouse gas producers as climate-friendly investments, according to a new analysis of public records.

Stakes in Saudi Aramco, Chevron Corp and Chinese coal company Inner Mongolia Dian Tou Energy are among the holdings that California Public Employees’ Retirement System labelled as  “climate solutions”.