Updates
The Los Angeles Times Editorial Board on CalPERS: “It seems clear that the only way to ensure that public pension funds move out of this risky business is by forcing them to do so through legislation.”
CalPERS has roughly $9.4 billion dollars, and CalSTRS $5.4 billion dollars ($14.8 billion in all) of stock and bond investments in the top 200 coal, oil and gas production companies.
In a surprise move Sunday, California Governor Gavin Newsom announced his intention to sign Senate Bills 253 and 261, groundbreaking climate legislation, advancing the suite of bills announced jointly in January as the Climate Accountability Bill Package. Senate Bill 252, the third bill in the package, now a two-year bill, is poised to clear the Assembly in 2024.
“It’s time to take the next step in climate action. Divestment sends a message to companies that have shown little interest in seriously addressing a problem that places human existence in peril for the sake of profits: time’s up.”
Carbon capture technologies are being used to justify increasing oil production, and delay the inevitable and essential transition to clean energy. They are risky, energy intensive, and expensive. Instead, we need to use our financial resources to accelerate the transition to renewable and clean energy, and lower our carbon emissions by reducing our reliance on fossil fuels.
Oakland City Attorney Barbara J. Parker’s op-ed reads: “Divesting from fossil fuel companies is the right thing to do to protect California’s frontline and fenceline communities. Due to long legacies of systemic racism, these communities are disproportionately impacted by climate change, climate harm, and pollution. The Legislature must pass SB 252 this year. This bill is both financially prudent and essential to meeting our collective climate goals.”
The Climate Accountability package comprises 3 transformational bills that will ensure we are meeting the climate crisis with strong data, financial transparency, risk mitigation, and in the case of our…
Screening out fossil fuel stocks has not had a significant impact on returns for global, well-diversified portfolios — in fact over the past 12 years, an index without fossil fuels outperformed its most similar index with fossil fuels, and two separate studies by found that divestment actions taken by funds worldwide have passed the prudence tests required of fiduciaries. An additional academic study spanning decades that included previous oil price spikes found no significant difference in performance between portfolios with and without fossil fuels.
Divestment sends a message to companies that have shown little interest in seriously addressing a problem that places human existence in peril for the sake of profits: time’s up. This legislation gives our pension funds the necessary time to prudently plan for divestment, including identifying suitable investment alternatives.
¿Por qué es fundamental apoyar el proyecto de ley SB 252? Ahora, en el 2024, es tiempo de acabar con la contaminación de los combustibles fósiles que destruye nuestras comunidades…
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