California fossil fuel divestment bill – SB 252 – passes Senate with massive momentum

Photo of a large group of people gathered to lobby for the Climate Accountability bill package. They are under large trees on the Sacramento Capitol grounds and hold a sign that reads, "Divest California's Public Pensions." Photo by Brooke Anderson.

FOR IMMEDIATE RELEASEMay 25, 2023Contact: Shana DeClercq | shana@fossilfreeca.org | (415) 376-3746Photos available here Indigenous lands of the Nisenan and Miwok Peoples (colonially called Sacramento, California) –  Today, SB 252 – a widely-supported bill for the two biggest public pensions in the U.S., CalPERS and CalSTRS – to phase out fossil fuel investments – passed…

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Financial outcomes from divesting from fossil fuels

Photo that shows a closeup of a person's hands stacking coins in increasingly larger stacks, with seedlings on top of each stack.

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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Información del proyecto de ley del Senado (SB) 252

¿Por qué es fundamental apoyar el proyecto de ley SB 252? Ahora, en el 2023, 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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The Seeds for Our Victory in 2023 — Planted in That Day 2013

Photo of founding members of Fossil Free California, standing behind the large concrete CalPERS building sign, holding up the individual letters that spell out, "DIVEST."

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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SB 252 announced to divest California’s public pensions from oil and gas

Student-led movement celebrates launch of California Fossil Fuel Divestment Act January 30, 2023 Contacts:  Event Livestream Recording: Senator Gonzalez’s Office | YouTube Permalink Event Photos | Fossil Free California Photos California — Today amidst devastating flooding, an historic mega-drought, wildfires, and fossil-fueled public health crises, students, retirees, and California communities across the state celebrate as…

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CalSTRS Exaggerates Costs of Divestment

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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CalSTRS Tunes Out Teachers to Engage with Exxon

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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To Help Ukraine, Will Pensions Divest From Unethical Fossil Fuels?

San Francisco & California pension funds: divest from both fossil-fuels and dictators! Many of us have been watching the images of terrible destruction and heartbreak from Ukraine. Have you wondered how President Putin finances his military machine? As much as 50% of Russian government revenue comes from fossil-fuel related businesses. Unfortunately, California and San Francisco pension funds…

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