If CalPERS divested from thermal coal in 2017, as is commonly perceived, why does it still have millions of dollars invested in some of the worst thermal coal producers? With the West Coast in flames from the effects of climate change, why is CalPERS still invested in coal, the fossil fuel that is the most toxic accelerator of human-caused climate change?
On Monday, September 14, Fossil Free California will release an analysis of CalPERS’ coal holdings in a report titled CalPERS Continues to Invest in Coal (Report). We will present our Report at the Investment Committee meeting on Monday with a press release – the Report won’t be made public until that time.
Briefly, the Report makes the following points:
- CalPERS’ portfolio still holds millions in coal, according to the SB185 definition.
- CalPERS has investments in other majority coal companies.
- In 2019, CalPERS added billions in companies that are part of the thermal coal value chain.
- CalPERS invests in companies with the largest coal reserves.
- CalPERS lags far behind many other institutional investors.
- Ongoing coal investments pose financial, legal, and fiduciary risk.
The Report raises several questions that we will address during the Public Comments at the end of the Investment Committee meeting.
Please visit the Board Meetings page on the CalPERS website to tune in to the livestream of the Investment Committee meeting.
We will update this post once the Report has been made public – stay tuned!