Governor Prioritizes Climate Change Investment
By Robert Moutrie
On Friday, September 20, Governor Newsom took a notable step towards impacting climate change. In Executive Order N-19-19, the Governor ordered multiple state agencies to utilize specific assets and programs to mitigate the effects of climate change. Specifically, the Order directed agencies to take specific actions to reduce carbon emissions and combat climate change in their respective areas, while accomplishing their existing obligations and goals.
Among the agencies and policies mentioned in the Order, the most significant financially is the Department of Finance, which is directed to create a framework to guide California’s $700 billion investment portfolio of pensions systems towards companies that focus on reducing carbon emissions, “including but not limited to investments in carbon-neutral, carbon-negative, climate resilient, and clean energy technologies.”