Petition: Demand CalPERS Put Moratorium on New Exxon Bonds
Take 1 minute to demand that CalPERS put a moratorium on new Exxon Bonds in this key moment.
Currently, Exxon is soliciting new bond purchasers for a bond that matures in 2074 - that means that anyone who buys this bond is loaning ExxonMobil money until 2074! CalPERS frequently buys fossil fuel bonds like this, but recently has been publicly pushing back on ExxonMobil for suing their shareholders for climate resolutions leading to public back and forth between the US' largest pension and the fossil fuel giant.
Why just Exxon? Why just bonds?
CalPERS continues to remain invested in fossil fuel companies and we are committed to pushing the pension to full fossil fuel divestment. Over the past few months, CalPERS board members and staff have increased public pressure on ExxonMobil in reaction to the company suing their shareholders for climate resolutions in early 2024.
By continuing to engage CalPERS around escalating accountability for Exxon, we believe we can create more space for the CalPERS board members to hold the pension accountable for climate risk, test CalPERS' existing commitments to climate to demand they strengthen them, and build broader coalition that can push divestment across the finish line.
In January, Exxon is issuing a new set of bonds that mature in 2074 - FAR too late. 2074 not only is far to late for the climate, but it is well outside CalPERS' own net zero by 2050 goals.
By demanding CalPERS put a moratorium on new Exxon bonds, we're demanding that they align their bond investment policy with their own climate goals while demonstrating that fossil fuels are not part of a climate safe or net zero future. This is a powerful step for further conversation on climate safe investment with CalPERS in the future - one that we as beneficiaries, union members, environmental organizations, and Californians are all watching.