For immediate release:
June 17, 2025  

Contact: Katherine Morris
kmorris@sra.state.md.us

BALTIMORE, MD – Yesterday, the Maryland State Retirement and Pension System (SRPS) held its inaugural meeting of its Climate Advisory Panel. The newly established panel, which brings together outside experts in climate science, policy and finance, held its first session to review its charter, clarify its responsibilities, and establish a framework for collaboration with SRPS leadership and the investment division.

At its first meeting, the panel reviewed its governance charter, mission and key priorities as presented by the system’s investment division. The panel is expected to support and advise the SRPS Board of Trustees on setting objectives, strategies and policies for establishing a path to a long-term sustainable portfolio, consistent with fiduciary duties and the goals and objectives of the investment program.

“This first meeting marks an important step forward in building a long-term, climate-aware investment approach,” said Maryland State Treasurer Dereck E. Davis, Chair of the SRPS Board of Trustees. “By equipping our investment strategy with the most current data and expert guidance, we are strengthening our fiduciary position while protecting the future of our members.”

The Climate Advisory Panel was created as a result of legislation in 2022 sponsored by then-Delegate and now Comptroller Brooke E. Lierman. The legislation authorizes the SRPS Board of Trustees to establish a panel of external climate experts to advise the System on climate-related financial risk. In April 2025, the Board unanimously confirmed five members with deep experience across climate finance, sustainable investment and risk mitigation.

“Maryland’s public servants deserve confidence that their retirement system is not only financially sound today, but also forward-thinking,” said Comptroller Lierman, who also chairs the SRPS Investment Committee. “The Climate Advisory Panel ensures that our decisions reflect the long-term interests of our members, our environment, and our economy.”

The June 16th session also included discussion of a proposed meeting schedule and potential agenda items for future meetings.

“The establishment of the Climate Advisory Panel reflects more than just policy – it demonstrates our agency’s readiness to lead,” said Executive Director Martin Noven. “We have the structure, expertise and resolve to ensure climate considerations are fully integrated into our investment decision-making for the long term.”

The panel’s early work builds on a multi-year effort by SRPS to align investment governance with evolving risk factors, including the physical and transitional impacts of climate change on global markets.

“By engaging domain experts and investing in climate-informed analysis, we’re strengthening the system’s resilience and capacity for sustainable returns,” said Chief Investment Officer Andrew Palmer. Palmer, who will retire at the end of June, continues to lead the agency’s climate strategy implementation and is supporting a smooth transition for his successor.

The Climate Advisory Panel is actively preparing to meet again to continue its work. Its findings and recommendations will be shared with the Board of Trustees and made available to the public as part of the System’s ongoing commitment to transparency, accountability and sustainable long-term growth.

The Maryland State Retirement Agency is charged with the fiduciary responsibility for properly administering the retirement and pension allowances of nearly 168,000 retirees and beneficiaries, as well as the future benefits for more than 245,000 active and former members. These groups include state government employees, teachers, law enforcement personnel, legislators, judges and local government employees and firefighters whose employers have elected to participate in the system.

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