The world’s largest public pension fund for teachers is planning to accelerate changes to its investment portfolio in a bid to become greener following the victory of Joe Biden in the US election.
Jack Ehnes, chief executive of the $254bn California State Teachers’ Retirement System, said Calstrs would speed up the implementation of its green investment strategy after Donald Trump lost the poll.
The Trump administration had been locked in a long-running legal battle with California, where Calstrs is based, to prevent the state from setting its own emission standards as part of efforts to tackle climate change.
In contrast, Mr Biden has promised to rejoin the Paris climate agreement, the international pact designed to try to avoid dangerous levels of global warming.
Mr Ehnes told the Financial Times: “Clearly the outcome of the election was going to impact our…