Updates
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.
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Now with over 140 labor unions and organizations in support, the California Fossil Fuel Divestment Coalition is building support in every corner of the state for SB 252, which will divest California’s public pensions from fossil fuels.
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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.
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¿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 y contamina nuestro aire, suelo y agua. TE NECESITAMOS para ayudar a aprobar el proyecto de ley SB 252 y desinvertir las pensiones públicas de…
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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.
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This report looks at CalPERS’ proxy voting patterns and companies’ reports on greenhouse gas emissions to determine the effects of engagement. The report concludes that engagement alone is unlikely to convince fossil fuel companies to transform at the speed and scale required.
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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…
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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.
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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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The California State Teachers’ Retirement System (or, CalSTRS) prides itself on its shareholder engagement with fossil fuel companies. However, by spending their resources, time, and energy on connecting with oil giants like Exxon, CalSTRS has failed to engage with the shareholders who matter most: their own.
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