Posts Tagged ‘divestment’
State Treasurer Fiona Ma Issues Statement to Support Divestment Legislation following CalPERS Board Meeting
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.
Read moreThe Seeds for Our Victory in 2023 — Planted in That Day 2013
What has kept us so committed to Fossil Free California since these early years? A sense of the urgency of climate change propelled our growth, even while we were a small, wholly volunteer organization. We also had early success: in 2015 we were part of the coalition that helped pass Senate Bill 185, mandating divestment from thermal coal companies by both CalPERS and CalSTRS.
Read moreSB 252 announced to divest California’s public pensions from oil and gas
Student-led movement celebrates launch of California Fossil Fuel Divestment Act January 30, 2023 Contacts: Event Livestream Recording: Senator Gonzalez’s Office | YouTube Permalink Event Photos | Fossil Free California Photos California — Today amidst devastating flooding, an historic mega-drought, wildfires, and fossil-fueled public health crises, students, retirees, and California communities across the state celebrate as…
Read moreFossil fuel-funded cop kills California climate legislation
The California Fossil Fuel Divestment Coalition promises to return with similar legislation next year, and will turn up the pressure directly on CalPERS and CalSTRS to divest from fossil fuels.
Read moreCalifornia Pensions Fail to Engage: A review of CalPERS’ and CalSTRS’ votes against shareholder climate resolutions
Read the full report. As the impacts of climate change begin to wreak havoc on our bisophere, the fossil fuel divestment movement has gained remarkable momentum. Globally, 1,500 institutions representing over $40 trillion in assets have already committed to some level of divestment from the fossil fuel industry.1 Despite over a decade of pressure from…
Read moreNew report reveals California pensions CalPERS, CalSTRS vote NO on Big Oil shareholder climate resolutions
The retirement systems’ failed shareholder engagement efforts with fossil fuel companies has cost their members $11.9 billion in returns California — A report released today from Fossil Free California reveals that California’s public pensions voted to oppose climate action at major fossil fuel companies and financiers during the 2022 Annual General Meeting season. This exposé…
Read moreCalifornia Senate expected to vote on fossil fuel divestment this week
California — Amidst increasing drought and water crisis, wildfires, and tangible impacts of the fossil-fueled climate chaos, this week, the California State Senate will vote on Senate Bill 1173 (Gonzalez and Wiener), California’s Fossil Fuel Divestment Act, which would require the state’s public pension funds to divest from fossil fuels. The California Public Employees’ Retirement…
Read moreReport reveals CalPERS, CalSTRS exaggerate cost of divestment
New report exposes pattern of misinformation on fossil fuel divestment from two largest public pension funds in U.S. (California) — A first-of-its-kind comprehensive report released today from Fossil Free California reveals that the combined $800 billion California Public Employees’ and State Teachers’ Retirement Systems have repeatedly given incorrect and inflated figures on the costs of…
Read moreWhat Does Divestment Cost? Misinformation from CalPERS and CalSTRS
The “fiscal impact” analysis for the Appropriations Committee in the state Senate or Assembly can make or break a bill. For divestment bills, CalPERS and CalSTRS have repeatedly given imprecise, incorrect, and inflated figures on the costs of divestment, including in the numbers reported to the Appropriations Committee for SB 1173, the Fossil Fuel Divestment Bill.
Read moreCalSTRS Exaggerates Costs of Divestment
CalPERS and CalSTRS manage portfolios worth $466 billion and $323 billion, respectively, so it’s natural for these public pension funds to throw around large numbers. But evidence from the funds themselves and from independent analyses suggests that PERS and STRS wildly exaggerate both the transaction costs and the opportunity costs of divestments in general. In…
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