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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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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Climate Justice Coalition Cheers as Senator Gonzalez Introduces Pension Fossil Fuel Divestment Bill

Today, Senator Lena A. Gonzalez (D-Long Beach) introduced SB 1173 — the Fossil Fuel Divestment Act — in the California state legislature. The bill would mandate that California’s public pension funds stop investing in fossil fuel companies. For over eight years, teachers, students, and state workers have called for their pensions to divest from fossil…

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Gratitude for the Power of Collective Actions

“A failure.”  “The most exclusionary climate summit ever.”  “A Greenwash Festival.”  “A source of great shame because COP26 will be the whitest and most privileged ever, with thousands who intended to travel from poorer countries excluded.”  These are just a few of the many critiques of COP26.  Amidst the heaviness and disappointment following COP 26,…

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Kids to CalSTRS: Divest from Fossil Fuels

The kids are mad as hell—and so are teachers who want their California teacher pension fund, CalSTRS, to join 1,000 other institutions collectively divesting $14.5 trillion from the fossil fuel industry that threatens climate catastrophe.

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Victory for Engagement at Exxon: It’s Not Enough

Fossil fuel giant ExxonMobil was forced to seat three new climate-competent board members on May 26, as a result of a $30 million proxy fight led by a tiny hedge fund named Engine No.1.  Will this unprecedented event help transform Exxon into a climate-friendly company?  Chris Ailman, the CIO of CalSTRS who was among the…

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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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