At $96 billion in assets, the Oregon Public Employees Retirement System is one of the largest public pension funds in the US. As of this year, it is also one of the few to have been handed a legal mandate to manage climate risk in its investments. In this episode, Oregon state treasurer Elizabeth Steiner discusses the state's new legislation on climate investment, the challenges and trade-offs of steering a giant portfolio towards net zero, and the conversations the fund is having with portfolio companies and asset managers over their climate rollbacks. Steiner spent over a decade as an Oregon state senator before being elected treasurer last year. Her responsibilities include running the state's debt management operations and savings programmes, as well as managing its pension funds and other investments.