What 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.

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We’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,…

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CalPERS Finally Divests More Coal

Coal Truck in Open Pit Mine

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.

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CalPERS’ 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…

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May 7: #StopLine3 Global Day of Action

Defund Line 3 art by Dio Cramer

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…

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A 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…

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CalPERS 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…

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Attack 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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Asset Owners Tackle Thermal Coal

The UN-convened Net Zero Asset Owners Alliance, of which CalPERS is a founding member, recently published a position paper on thermal coal that sets targets and timelines for reducing the production and use of this highly-polluting fossil fuel. And in a move that rightly leverages the enforcement power that these large investors should have, the introductory note to the position paper states that divestment is an option for companies that don’t cooperate.

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