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California’s Obsession With Green Energy Almost Destroyed Its Pension Fund

California’s largest public pension system has recorded a stunning 71% loss on a nearly half-billion-dollar clean-energy investment, underscoring the risks of politically driven finance and opaque private-equity ventures. According to state filings, the California Public Employees’ Retirement System (CalPERS) poured $468 million into a private equity fund dedicated to clean energy and technology in 2007.