Oregon State Treasury Releases Progress Report on Net Zero and Climate Positive Investment Strategy

The Oregon State Treasury today released its progress report, Tracking Net Zero and Climate Positive Investment Strategies, detailing how the Oregon Public Employees Retirement Fund (OPERF) is managing emissions intensity in the portfolio while pursuing profitable climate-positive investments. The report reflects Treasury’s ongoing efforts to manage climate-related investment risk in alignment with its fiduciary duty to beneficiaries.

Key accomplishments highlighted in the progress report include:

• More than 50 percent year-over-year reduction in portfolio emissions intensity.
• Climate-positive holdings in the Real Assets portfolio nearly doubled, increasing from $1.2 billion in the 2022 baseline year to $2.4 billion as of June 30, 2025, and represents the asset class’s best performing sector, delivering 20% earnings, over the past 5 years.

• After increasing from 2022 to 2023, fossil fuel holdings in private market funds have declined in each subsequent year through June 30, 2025.

“This report shows our team is reducing emissions intensity while aligning investments with the clean energy transition to generate strong, long-term returns that support a stable and reliable retirement for Oregon’s public employees.” Said Oregon State Treasurer Elizabeth Steiner.

This year’s report reflects Treasury’s comprehensive effort to gather and analyze new forms of emissions and climate-related investment data across the portfolio. It also sets the foundation for future reporting under the Climate Resilience Investment Act, which established statutory requirements for emissions and climate-risk reporting to the Oregon Legislature.

Valued at $100.7 billion as of November 30, 2025, Treasury manages OPERF to meet long-term obligations to beneficiaries and short-term operational needs, such as over $406.6 million in monthly retirement payments to Oregonians. Treasury’s investments consistently exceed the actuarial rate, important for the one in four Oregonians who rely on Oregon’s public pension system for a dignified retirement.

The full report, Tracking Net Zero and Climate Positive Investment Strategies, is available on the Oregon State Treasury website here.

Additional support for the progress report, Tracking Net Zero and Climate Positive Investment Strategies:

"Climate Finance Action is encouraged by the Oregon Treasury’s 2025 Progress Report, which underscores the material financial necessity of addressing global warming. We believe that 'going toward the carbon'—engaging directly with high-emitting companies rather than simply divesting—is a powerful strategy to drive accountability. By demanding credible transition plans and assessing the transition readiness of carbon-intensive holdings, the Treasury is taking an active role in mitigating systemic risks in supply chains. The doubling of climate-positive investments to $2.4 billion proves that staying at the table and leading the transition is the most effective way to protect the long-term value of the state's pension fund."

March Cerulli

Founder and Director, Climate Finance Action