Risky Green Investments Won't Save Public Pensions

It's no secret that a number of state and city public pensions are in crisis. Governments from Puerto Rico to Detroit have made public employees promises that simply cannot be kept. Some analysts have suggested that a switch from fossil fuel holdings to green energy technologies might be prudent for pension managers. However, if we allow pension managers to substitute personal biases for fact-based investing strategies then any number of unintended long-term outcomes may result.