In the fight to keep oil in the ground, pension funds, banks, and other organizations managing large sums are coming under pressure to keep their money away from fossil fuel corporations. But while activists call for divestment from fossil fuel companies, the pension funds and banks seem to favor “engagement” with problematic companies while remaining invested. The…Read more
In a surprise development, the CalPERS Investment Committee called for more discussion of AB20 and DAPL divestment. Although the committee did not vote on the issue, member Theresa Taylor, the elected representative of state members and a veteran leader of SEIU Local 1000, expressed her personal opposition to the pipeline project.Read more
On Sunday, January 29, the North Bay Community Engagement Fair generated a huge response from the community. 350 Sonoma and Fossil Free California collected a record number of petition signatures aimed at California’s huge state pension funds.Read more
Last week the Irish parliament voted to divest from fossil fuels. This legislation will make Ireland the first nation to ban investment of public money in the fossil fuel industry. The bill now goes to committee, and it is all but certain to become law. It represents Ireland’s commitment to the Paris climate accords — and a strong rebuke to Trump and other climate deniers.Read more
350Seattle and NorthwestDivest.org are reviving a city pension divestment campaign aimed at the Seattle City Employees Retirement System (SCERS).
Stating that “more than ever we need people of conscience to put their money where their values are” the group asserts that a “green leader” like the City of Seattle should not continue to invest in fossil fuels.Read more
The global divestment movement is now $5.2 trillion strong in pledged assets, with 688 institutions and 58,399 individuals in 76 countries committed to divest from fossil fuel companies. The value of assets under management by those pledged to divest has doubled in the last 15 months. As the recent report from Arabella Advisors notes, “pension…Read more
UPDATE, 12/19: Success! On a motion by State Controller Betty Yee with a second by Priya Mathur, the CalPERS Investment Committee voted 9–3 to expand divestment from tobacco. CalPERS will continue the current tobacco divestment, and it has directed staff to expand the divestment to externally managed funds and to the Affiliate Fund portfolios. The…Read more