CalSTRS Statement on ExxonMobil Plan to Reduce Methane Emissions
WEST SACRAMENTO, Calif. – CalSTRS Director of Corporate Governance Anne Sheehan made the following statement regarding ExxonMobil’s announcement of its intent to expand its Methane Emissions Reduction Program:
“As a longtime advocate for increased climate risk management, CalSTRS supports ExxonMobil’s announcement that it plans to enhance its methane risk management and reduction efforts with concrete steps that will simultaneously reduce atmospheric emissions and capture more natural gas by phasing out methane-emitting equipment, increasing training and designing new emissions-free systems.
“Enhancing leak detection and repair protocols across the oil and natural gas production cycle is at the center of CalSTRS engagement strategy. As a major institutional investor with a 30 year investment horizon, we believe this is an excellent capital expenditure that will positively affect ExxonMobil’s bottom line, CalSTRS investments and ultimately, our members and the planet. We urge other energy producers in our portfolio to follow the leadership represented in ExxonMobil’s actions.”
The California State Teachers’ Retirement System, with a portfolio valued at $213.7 billion as of August 31, 2017, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. CalSTRS serves California’s more than 914,000 public school educators and their families from the state’s 1,700 school districts, county offices of education and community college districts.