Bond In Investing Savings State Treasurer Phil Angelides, who has used his office to
advance an agenda of socially responsible investing by public
pension funds, on Tuesday launched an initiative to promote
investment in environmentally friendly technologies and
companies.
The sector has gotten a boost from a new California plan to invest $1.5 billion of the state's pension funds in environmental technologies. State Treasurer Phil Angelides said the "Green Wave" initiative is aimed at helping the state improve financial returns, generate jobs and clean up the environment.
Bond Investment Toledo Toledo The so-called Green Wave initiative, unveiled during a media
event at a Silicon Valley manufacturer of solar energy cells, asks
the boards of the California Public Employees' Retirement System
and the California State Teachers' Retirement System to together
invest $1 billion in stock funds that specialize in companies with
good environmental track records.
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James Bond Trading Card In addition, $500 million of the pensions' combined $250-billion
portfolios would provide venture capital to promote the growth of
companies creating cutting-edge "clean" technology, said Angelides,
who sits on the boards of CalPERS and CalSTRS.
"I want to see California in the best position to reap the benefits of this growing sector of the global economy, " Angelides said in an interview. The California Public Employees' Retirement System, the nation's largest pension fund, voted in March to invest $200 million in clean technology startups, and agreed this month to pump $500 million into environmentally responsible stocks and mutual funds.
Bond In Investing Stock Under the treasurer's proposal, the pension funds also would
require companies to issue regular reports detailing their
corporate environmental practices. The pension funds would make
sure that their $16 billion in real estate holdings use so-called
green standards for construction materials and energy
efficiency.
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Municipal Bonds Investment Angelides said his strategy would earn "solid returns" in two
ways: by limiting the risk of investing in companies that carry
environmental liabilities and by fostering the development of "a
wave of technological and environmental growth."
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Bond Terms Trading Angelides' initiative is in line with his record of activism in
urging California government pensions to invest in inner cities and
to pressure corporations and mutual funds to provide transparent
financial information, said Beth Young, a senior researcher with
the Corporate Library, a corporate governance watchdog group in
Portland, Maine.
Bond Debt High In Inside Young noted, however, that the funds had a legal obligation to
their investors to make sure that financial issues don't take a
back seat to "feel-good issues."
Bond Greenville Greenville Analysts at CalPERS, the largest U.S. pension fund, are studying
the potential effects of Angelides' proposal for environmentally
proactive investments, and a preliminary presentation is scheduled
for a board meeting next month, spokeswoman Pat Macht said.
Trading Stock And Bonds By Marc Lifsher
Los angeles Times - 2/4/2004
Topic: Green Living
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