With action by the California state teachers’ retirement fund Wednesday, state Treasurer Phil Angelides announced that all of the pieces of his so-called “Green Wave” investment strategy are now in place. As a board member of two of the nation’s largest public sector pension funds, Angelides has convinced them to invest in companies producing clean energy technologies and those with acceptable environmental protection records.

With the latest decision by the California State Teachers’ Retirement System (CalSTRS) board, the total commitment by the two public pension funds will exceed $1 billion, said Angelides, who is an announced candidate for the Democratic Party’s nomination for governor next year and has touted his plan as being a means to bolster the pension funds’ returns while creating jobs and cleaning up the environment.

“The evidence is in,” Angelides said. “Publicly traded companies that act in an environmentally responsible manner do not just clear the air, land and water of pollutants, but also improve their bottom line for shareholders.”

Launched in February 2004, the Green Wave has had both CalSTRS and the California Public Employees’ Retirement System (CalPERS) invest in companies improving the environment and the global climate change situation through initial $250 million investments in clean technology. A year ago, the public pension funds launched aggressive five-year, 20% energy-saving programs for their vast real estate holdings that amount to $7.9 billion and 144 million square feet of space. More recently, the funds each have agreed to make $500 million in investments in “environmentally responsible companies.”

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