Wind and solar projects will make up a bigger portion of the state’s investments under a shift in strategy announced today by state Treasurer Shawn Wooden.
The state has committed $100 million to BlackRock Global Renewable Power Fund III (GRP III), a portfolio of renewable power generation infrastructure assets focused on wind and solar energy, Wooden reported.
The investment is Connecticut’s first purely focused on renewable energy, Wooden said.
“The commitment to Blackrock GRP III will help position Connecticut to transition into the future by playing an increasingly important role in reducing overall carbon emission and becoming a leader in clean energy,” Wooden said.
Wooden said his investment decisions were guided by the climate change positions of the Connecticut Retirement Plans & Trust Funds (CRPTF) Investment Policy Statement, which predict major economic disruption as soon as 2040 if greenhouse gas emissions continue at their current levels.
“By investing in renewable energies, Connecticut can be part of the solution to reduce our carbon footprint while also benefiting our economy and saving taxpayer dollars in the long-term,” Wooden said.
Wooden also announced Tuesday that the state’s Investment Advisory Council earlier this month approved proposed revisions to the CRPTF’s domestic proxy voting policies, which are designed to ensure that the state’s investments align with metrics that correlate with stronger company performance.
Wooden’s revisions added provisions holding companies accountable for board diversity, climate risk and director independence.
“There is a mounting body of evidence that the diversity of a company’s board of directors is an important attribute of a well-functioning board, an indicator of sound corporate governance, and positively correlated with increased shareholder value,” Wooden said in announcing the revisions.
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March 30, 2021 at 09:56PM
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State bets on renewable energy with shift in investment strategy - Hartford Business
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