Introduction: The Hundred-Billion-Dollar Question For decades, the mandate of the Oregon Public Employees Retirement Fund (OPERF) was straightforward: maximize returns to ensure that the state’s firefighters, teachers, and civil servants received their promised pensions. The primary variables were interest rates, inflation, and market volatility. Today, a new, volatile variable has entered the equation—climate change. With a portfolio valued at over $100 billion, the Oregon S