Careers
Protecting the Environment
The Controller is leading the effort to protect California’s coast, which is crucial to the state and national economy, producing more than half a million jobs in California and 2 million nationally. Port activities in California generate an estimated $7 billion in annual state and local tax revenues.
As a member of the State Lands Commission, Chiang cast the deciding vote against what would have been the first new off-shore oil drilling lease in 40 years based on the secrecy of the project, the inability of the commission to enforce its provisions, and his concern that approving the new lease may open California up to more off-shore oil drilling.
Concerned about a 2009 report indicating the sea level is projected to rise 16 inches by 2050, and 55 inches by 2100, the Controller led the drive at the State Lands Commission to conduct a survey of local entities that manage state tidelands to assess what plans are in place to address sea level rise. When the survey indicated few plans had been made, the Controller sponsored pending legislation requiring plans be developed and implemented.
Chiang also voted to deny a lease for a Liquefied Natural Gas terminal off of the coast of Oxnard because the emissions from the tankers and the terminal would have impacted Ventura and Los Angeles County residents and because it was not consistent with the spirit of California's new laws that move us toward cleaner, renewable energy alternatives.
As Controller, Chiang successfully pushed the State’s affordable housing tax credit agency to consider LEED and other environmental design standards when awarding competitive points.
The Controller also has advocated for increased disclosure by companies doing business with CalPERS and CalSTRS of risks associated with climate change that could impact long-term investment returns.
At the Investor Summit on Climate Risk at the United Nations Headquarters in 2008, Chiang announced his initiative to survey investment managers in the CalPERS and CalSTRS portfolios on their ability to evaluate climate risks and opportunities, and ask them to consider adopting a checklist to evaluate best practices of corporate governance regarding climate disclosure. Both funds adopted this first-in-the-nation initiative as part of their corporate governance principles, and are engaging companies and investment managers on these particular steps.