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CalSTRS among backers of Climate Action 100+ group

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40+ asset owners say group effective at addressing risk

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Follows exit of some U.S. members after political backlash

By Simon Jessop

LONDON, May 29 (Reuters) - Asset owners overseeing $4.6

trillion have signed a statement throwing their support behind

the Climate Action 100+ investor group after several

high-profile Wall Street investors left the global initiative.

Signatories included the California State Teachers'

Retirement System (CalSTRS) and California Public Employees

Retirement System pension managers, as well as more than 40

others from countries including Britain, Canada and Sweden.

In the statement on CalSTRS' website, the groups, many of

which employ asset managers to invest in markets on their

behalf, said they were "deeply concerned" about the investment

risks posed by climate change.

Encouraging companies to plan for those risks aligned with

their economic interests and CA100+ was an "effective and

efficient way" to address the issue, "which is why we remain

fully committed to participating in this valuable initiative",

the pension managers said in the statement.

The decision to offer public support to CA100+, which

encourages the world's heaviest corporate emitters to cut

climate-damaging emissions, follows the high-profile exit this

year of investors including Pimco.

Others to leave included the fund arms of JPMorgan ( JPM ),

State Street and Invesco ( IVZ ) while the world's

biggest investor BlackRock ( BLK ) reduced its involvement with

the group.

The exits came after the coalition asked signatories to take

stronger action over corporate laggards and amid a backdrop of

rising political pressure from some U.S. politicians who said

the membership of such groups could break antitrust laws.

The investor statement said further action to address

systemic risk was "essential", addressing climate risk was a

"fiduciary imperative" and collaborative engagement was "a vital

tool".

While the groups recognised the "complexities and nuance"

around the issue, these "cannot preclude those committed to

addressing climate-related investment risk from taking the

action needed to protect the investments that provide security

for our beneficiaries".