Posts Tagged ‘SB 185’

CalSTRS moves $2.5 billion into low-carbon fund

On July 14, the California State Teachers’ Retirement System (CalSTRS) voted unanimously to move $2.5 billion in assets to a low-carbon index fund. This laudable decision is another indicator of CalSTRS’ focus on the financial consequences of climate change — complementing the board’s recent vote to divest from coal companies, in compliance with the mandates of SB 185, This low-carbon…

Read more

CalPERS' tobacco debate crystallizes sustainable investment dilemma

Following three months of troubled debate, the CalPERS Board of Administration (acting as the fund’s Investment Committee), will decide at its May 16 meeting whether to put to bed the possibility of reinvesting in tobacco after 16 years of divestment. In spite of restrictions on advertising and a decline in smoking in the U.S., the big tobacco firms’ international…

Read more

CalSTRS Divests from Thermal Coal

On February 3, the Board of the California State Teachers’ Retirement System unanimously passed a motion to divest from U.S. thermal coal companies and to initiate engagement with non-U.S. companies. The motion was made by Board member and State Controller Betty Yee and seconded by State Treasurer John Chiang’s representative. The financial impact of the…

Read more

Brown signs SB 185: Divest coal!

Governor Jerry Brown signed Senate Bill 185 today. Our two state pension funds are now required to purge their portfolios of that most pernicious of fossil fuels, coal. It’s time to celebrate! The enactment of SB 185 is an enormous step forward for the divestment movement—in fact, for the entire climate movement—because CalSTRS and CalPERS are the largest state…

Read more

Rebel with a cause: Jerry Brown and the climate

It may be a stretch to continue calling Jerry Brown a rebel after all these years, but today he did revisit James Dean’s old haunt, the Griffith Observatory—and he shook up the fossil fuel establishment. Brown signed into law a landmark piece of climate legislation, Senate Bill 350, and California is now a bit further along the path…

Read more

SB 185: Looks like we did it…

by Janet Cox …with a little help from Bill McKibben and Tom Steyer, who teamed up to accost the Governor at an event they were all attending. He committed to signing the bill, but he didn’t say when. October 11 is his deadline, so stay tuned this week! There has been a lot of good news…

Read more

What do we do now, now that we are happy?

Hey, we are happy! Senate Bill 185 has passed the California Senate and the California Assembly. This unprecedented campaign by Fossil Free California and our many allies has leaped over one obstacle after another, and now we are within a whisker or two of total success. When SB 185 becomes law, the two biggest state pension funds in…

Read more

Assembly passes SB 185!

The California Assembly has passed SB 185, the coal divestment bill, by a vote of 43–27! (Update: When the late votes came in, it was even better, at 47–30.) One more step remains before the bill is enacted: Governor Jerry Brown’s signature. Let him know that when he signs this bill into law, California will become the first…

Read more

This is the week: a climate watershed

As the evidence mounts that fossil fuels are a bad investment, this week represents a significant watershed moment for California climate policy. Last Thursday, the Assembly Appropriations Committee approved a package of twelve climate bills, which were already passed by the Senate. This week, the bills go to the full Assembly for approval. If passed by the Assembly…

Read more

CalPERS, CalSTRS lose $5 billion on fossil fuels

Over the last fiscal year, CalPERS and CalSTRS held on to their investments in coal, oil, and gas. They now know that was a big mistake. Clinging to the myth of Old Energy’s profitability and the chimera of shareholder engagement, the two big California state pension funds squandered over $5 billion in pension assets. 350.org today released…

Read more