California public pension divestment bill – SB 252 – goes before the Senate Labor Committee

By Shana DeClercq | April 10, 2023

MEDIA ADVISORY: FOR PLANNING PURPOSES
April 10, 2023
Contact: Shana DeClercq | Fossil Free California | shana@fossilfreeca.org | (415) 376-3746

WEDS APRIL 12: California fossil fuel divestment bill – SB 252 – has first Committee hearing

SACRAMENTO, CALIFORNIA – On Wednesday, April 12th, the Senate Labor, Public Employment and Retirement Committee will vote on SB 252, which will divest CalPERS and CalSTRS by 2030. If passed, the bill will then progress to the Senate Judiciary Committee on Tuesday April 18th. These hearings come as Californians experience intensifying fires, deadly heat, and deepening drought.

WHAT: California Senate Labor, Public Employment and Retirement Committee hearing of SB 252 – Public Pension Divestment Bill – Will divest CalPERS & CalSTRS of fossil fuel holdings

WHEN & WHERE: Wednesday, April 12, 2023 | 1021 O Street, Room 2200 – 2nd floor of the Swing Space, Sacramento, California. Livestream available at: https://www.senate.ca.gov/

WHO: 120+ California groups part of Fossil Free California.

  • Key union supporters include: AFSCME California | California Faculty Association, CFT | California Nurses Association | Los Angeles College Faculty Guild | United Educators of San Francisco | Oakland Education Association. Unions in the SB 252 coalition represent over 470,000 Californians.

  • Key supporting organizations include: 1000 Grandmothers | Black Women for Wellness | Breast Cancer Action | CALPIRG | Center for Biological Diversity | Center on Race, Poverty & the Environment | Central Valley Air Quality Coalition | Consumer Watchdog | Courage Campaign | California Interfaith Power and Light | San Francisco Bay Physicians for Social Responsibility | STAND.earth | The Greenlining Institute | Youth vs. Apocalypse | Zero Hour.

Voting members of the Senate Senate Labor, Public Employment and Retirement Committee:

  • Senator Dave Cortese (D), Chair, District 15, Santa Clara County/Silicon Valley
  • Senator Scott Wilk (R), Vice Chair, District 21, Antelope, Santa Clarita, and Victor Valleys
  • Senator Lola Smallwood-Cuevas (D), District 28, West Los Angeles, Culver City
  • Senator Maria Elena Durazo (D), District 26, Central Los Angeles, East Hollywood, East LA
  • Senator John Laird (D), District 17, Santa Cruz and San Luis Obispo Counties

WHY: This is about the better future we’re building for all Californians: economic stability, thriving families, good union jobs, and healthy communities. To date, more than 1,550 institutions around the world representing $40 trillion in assets have already committed to divest from fossil fuels, yet CalPERS and CalSTRS continue to ignore climate risk, neglect their fiduciary duty, and endanger our public workers’ retirement savings.

Teachers and California employees agree: our retirement savings have no place financing environmental racism, human rights violation, and the destruction of our air, soil, and water. It’s time for California’s legislators – and the members of the Senate Labor Committee – to listen to their constituents, and not the fossil fuel lobby. Californians are counting on their representatives to forge a path beyond climate chaos: we’re counting on our legislators to be the climate leaders we elected.

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