Beyond this commitment, CalPERS has committed more than $1.1 billion to nine private investments. These are in sectors that support energy production and distribution and freight and supply chain optimization. The pension fund is also reviewing $3.6 billion worth of other private market opportunities, some of which are expected to be finalized in the coming week.

“The CalPERS Climate Action Plan is designed to make our pension fund the global partner of choice in climate investing,” said Peter Cashion, managing investment director of the CalPERS sustainable investments program in a statement. “To do that, we need a diverse set of investments and tools to generate the excess returns that are achievable during this historic transition to a low-carbon future.”

These are some of the first tangible steps CalPERS is taking toward investing $100 billion in climate solutions by the end of 2030 — a plan announced by CalPERS in November. This plan involves more than doubling CalPERS’s contributions to climate-related actions over the next six years. The fund had about $47 billion invested in climate solutions before the new program.