Posts by Sandy Emerson
Promises, Promises: Evaluating CalPERS’ Climate Engagements
Full Report Here CalPERS seems to have an unshakeable faith in the ability of shareholder engagement to transform fossil fuel companies into clean energy providers. This report reviews CalPERS’ engagement history with 10 selected Big Oil companies from its portfolio, to test whether engagement is producing real-world results. We looked at CalPERS’ proxy voting patterns…
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 moreWe’re Calling Out CalPERS on Coal – Again
We’re showing up at CalPERS’ November 15 Investment Committee meeting to call them out on coal – again. Thank you, CalPERS, for having the wisdom to divest the remaining three (out of 17 identified) thermal coal companies that were targeted by the legislative mandate of SB 185. It’s great that you finally recognized that Exxaro,…
Read moreOpinion: CalPERS’ Ambition is Too Low; Climate Action Too Slow
In a recent interview with the Washington Post, CalPERS Managing Investment Director Anne Simpson traced the origins of the term “fiduciary” back to the Christian Crusades. Indeed, that history might explain why CalPERS remains invested in fossil fuels with an almost religious zeal.
Read moreCalPERS Finally Divests More Coal
CalPERS has finally divested from three more thermal coal companies, as required by law. Following the passage of SB 185 (2015) CalPERS divested from all but three (out of 17) selected thermal coal mining companies: Exxaro, Adaro, and Banpu.
Read moreCalPERS’ Private Debt Secrecy Bill: AB 386
CalPERS is sponsoring a subtle but dangerous bill to exempt its private lending from public scrutiny. AB 386, which pertains only to CalPERS, calls for details of private debt transactions to be exempt from reporting under the California Public Records Act. Celebrated journalist Dan Walters points out in a widely circulated opinion piece from May…
Read moreMay 7: #StopLine3 Global Day of Action
For the past 7 years, Indigenous communities and allies across the Midwest have been working to shut down Enbridge’s Line 3 pipeline because it violates treaties and spells destruction for the land, water, and climate. Indigenous-led water protectors have protested, chained themselves to earth-moving equipment, and run miles in freezing weather to bring more than…
Read moreA Tale of Two Pipelines: Dakota Access, Line 3, and our Pension Funds
In 2016, Tara Houska (Honor the Earth, Giniw Collective) was part of the indigenous-led resistance against the Dakota Access Pipeline. During the cold November of that struggle there was a surge of national and global outrage at the viciousness of the company-financed and government-sanctioned response to the protests, including shooting peaceful protesters with water cannons…
Read moreCalPERS Still Holds $8.5 Million in Thermal Coal Producers
IMMEDIATE RELEASE7am EST, Monday, March 15, 2021Contacts: Miriam Eide, miriam@fossilfreeca.org, 507-923-6346Sandy Emerson, sandy@fossilfreeca.org, 650-743-0524 Sacramento, California — The California Public Employees Retirement System still holds $8.5 million in thermal coal producers that were mandated to be excluded by SB 185, a 2015 state law on thermal coal divestment. SB185, the 2015 Public Divestiture of Thermal…
Read moreAttack on the Capitol, Racism, and Fossil Fuels
The attempted coup last week was an attack on our Congress and on democracy itself. It also highlights the structural racism in contrasting the police violence towards Black Lives Matter protesters with how the white insurrectionists were met. While the majority white insurgents met with police-sympathizers, Black Lives Matter protesters are hailed with rubber bullets, tear…
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