The board of the $318.4 billion California State Teachers’ Retirement System (CalSTRS) has pledged to pursue a net-zero greenhouse gas emissions goal by 2050 or earlier, according to a recent meeting document.

The next step will be for the pension fund to develop a net-zero action plan that will establish a baseline and milestones for managing emissions-related risks. The board will then take actions for the next year that ensure clear internal governance structures, methodologies and frameworks supporting net-zero commitments, emissions measurement and interim goals. Finally, CalSTRS will provide regular reporting on progress toward a net-zero portfolio.

The framework is in line with the United Nations’ Race to Zero campaign. CalSTRS also said this move is in line with the 2015 Paris Climate Agreement.

“CalSTRS’ commitment to a net-zero investment portfolio builds on a prudent process analyzing the effects on the fund of the low-carbon transition and mo