The University of California issued the following statement today (Sept. 25) regarding the California Climate Investment Framework:

The University of California applauds and fully supports the California Climate Investment Framework spearheaded by Gov. Gavin Newsom in collaboration with the state’s three pension plans.

The framework’s release could not be more timely as it points to the urgent need for institutional investors to fulfill their fiduciary duties by actively recognizing climate risks and aligning their investments with a sustainable economy.

UC Investments, which manages the University of California Retirement Plan, strongly believes that investing in fossil fuels is a financial risk. For that reason, the $70 billion UC pension, the $14 billion UC endowment, and the $17 billion in its working capital pools are now fossil free. At the same time, we have invested more than $1 billion in promising green energy projects and continue to actively pursue more investments that will help mitigate the effects of climate change.