Faculty Association for California Community Colleges (FACCC) Endorses Divestment
FOR IMMEDIATE RELEASE:
Contact: Miriam Eide – miriam@fossilfreeca.org – 507-923-6346
Faculty Association for California Community Colleges (FACCC) Endorses Divestment joining a growing movement urging CalSTRS to move its money out of fossil fuels
Sacramento, CA – FACCC, an advocacy group for community college faculty, is the latest teachers’ professional association to call on the California State Teachers Retirement System (CalSTRS) to divest from fossil fuels. As of September 25th, over 150,000 California State Teachers Retirement System (CalSTRS) members are represented by unions calling on CalSTRS to divest. Other major unions calling for divestment include United Teachers of Los Angeles (UTLA) with 35,000 members and the California Federation of Teachers with 100,000 members.
Joining many of California’s leaders in recognizing the need to take immediate action against climate change through strategic investing, FACCC urged CalSTRS to “adopt a divestment strategy like that of the University of California, that will ensure that the faculty pension fund will become fossil free and fiscally stable as expeditiously as possible.”
Notably, “the FACCC Board has concluded that CalSTRS’ strategy of “retaining influence” by continuing to hold investments in fossil fuel companies is imprudent and inconsistent with the fiduciary duty of CalSTRS.”
The FACCC Board letter highlights that by divesting, CalSTRS would join a “global movement … (of) over 1,110 institutions with more than USD $11 trillion in assets under management.” They note that fossil fuel companies are “driving the climate crisis” and urge CalSTRS to follow the lead of these 1,110 institutions by investing in “climate solutions that power a just transition to a 100% renewable energy future.”
Cynthia Kaufman, faculty member at De Anza College said, “As a long-standing member of a union that pays dues into FACCC, I am so proud that they have taken this step to use their political muscle to protect our climate and our pensions.”
“We have an opportunity to influence a conversation about how to protect our retirement fund and the planet – in this case through a letter to the CalSTRS’ Board urging them to divest from fossil fuels. CalSTRS’ approach of staying invested in fossil fuel corporations in order to “retain influence” has proven unsuccessful. It is time that they divest.” – Debbie Klein, President of the FACCC
“Divestment from fossil fuels protects our pension funds and sends a market signal that can help speed the transition to a clean energy economy. With this letter, FACCC has taken a stand that supports their members and the highest fiduciary duty of the CalSTRS Board.” – Sandy Emerson, Board President of Fossil Free California.
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Fossil Free California is a 501c3 grassroots non-profit, focused on moving money out of fossil fuels and supporting a just transition to a clean energy economy that works for everyone.