Fossil Free California is raising funds to help everyone understand where California’s huge pension funds are investing our money.
On December 19 the CalPERS Board voted, at last, to divest their last $557 million in tobacco stocks. Public health advocates – and CalPERS board members – learned only recently that when the huge fund “divested” from tobacco over a decade ago, they actually retained over 40% of their tobacco holdings, in numerous portfolios excluded from the deal.
Our pension funds’ transparency problem is compounded by the complex tangle of portfolios and portfolio managers that not even Board members fully grasp. Tobacco is one issue. Fossil fuel stocks are another case in point.
Fossil Free California is raising money for a Pension Portfolio Analysis Tool (PPAT) that will provide essential details of CalPERS’ and CalSTRS’ holdings and the hundreds of managers who invest our pension money. The PPAT software tool will be invaluable for our fossil fuel divestment campaigns. In addition, the consultants who are developing it have committed to sharing it with similar campaigns at a reduced rate.
Our goal is to raise $10,000 to build the tool and incorporate carbon footprint information for the funds’ largest holdings. We have raised $5600 already, and with your help we can have the tool in hand early in 2017.
Can you chip in with a generous year-end donation?
Fossil Free California is the only organization working on fossil fuel divestment by CalPERS and CalSTRS, the two largest public pension funds in the United States. With nearly $500 billion in combined assets, CalPERS’ and CalSTRS’ investment decisions have global impact.