Press Releases
Ahead of its November 13 board meeting, CalPERS announced its “Sustainable Investments 2030 Strategy” to increase its investing in clean energy and sustainable funds and to double-down on “engagement” strategies with high emitters of fossil fuels. In its strategy, CalPERS acknowledges and affirms climate risk is undeniably financial risk. CalPERS recognizing that some fossil fuel holdings must be responsibly phased out is a noteworthy step toward CalPERS meeting its fiduciary duty. What CalPERS is proposing is a limited form of divestment on an unspecified timeline with no enforceability. But what CalPERS members, state workers, retirees, union members and people from every part of California demand is the comprehensive divestment from the top fossil fuel companies by 2031, as called for in Senate Bill 252.
In a surprise move Sunday, California Governor Gavin Newsom announced his intention to sign Senate Bills 253 and 261, groundbreaking climate legislation, advancing the suite of bills announced jointly in January as the Climate Accountability Bill Package. Senate Bill 252, the third bill in the package, now a two-year bill, is poised to clear the Assembly in 2024.
For Immediate Release: Monday, September 18, 2023Contact: Elizabeth Brennan (213) 999-2164 SACRAMENTO** | Following record-breaking temperatures, a tropical storm, a hurricane and several megafires throughout California, a growing coalition of organizations is urging CalPERS to update its approach to climate risk in line with its fiduciary duty. The groups are calling on the fund to…
On June 28, 2023, the University of Waterloo released a groundbreaking report revealing that by not divesting, CalPERS lost $4.7 billion in missed returns, or $3,163 per beneficiary. CalSTRS lost over $4.8 billion in missed returns, or $5,114 per beneficiary over the last ten years, by not removing fossil fuels from their investment portfolio.
Oakland City Attorney Barbara J. Parker’s op-ed reads: “Divesting from fossil fuel companies is the right thing to do to protect California’s frontline and fenceline communities. Due to long legacies of systemic racism, these communities are disproportionately impacted by climate change, climate harm, and pollution. The Legislature must pass SB 252 this year. This bill is both financially prudent and essential to meeting our collective climate goals.”
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…
MEDIA ADVISORYFOR PLANNING PURPOSESMay 24, 2023 Contact: Shana DeClercq | shana@fossilfreeca.org | (415) 376-3746 After passing Senate Appropriations, SB252 is the “climate bill that could.” Tremendous momentum for California, the world’s sixth largest economy, to lead on climate, economic, and fiduciary responsibility. WHAT: SB 252 (CalPERS & CalSTRS fossil fuel divestment bill) full Senate floor vote WHEN…
It’s the “climate bill that could:” SB 252’s tremendous momentum demonstrates that California, the world’s sixth largest economy, is prepared to lead on climate and fiduciary responsibility, taking the helm of the financial industry’s shift toward fiscally responsible investing. FOR IMMEDIATE RELEASEMay 18, 2023Contact: Shana DeClercq | shana@fossilfreeca.org | (415) 376-3746Photos available here | Banner…
SACRAMENTO | Today, SB 252 – a widely-supported bill for CalPERS and CalSTRS to phase out fossil fuel investments – is expected to pass its second Committee hearing in the California State Senate at the Senate Judiciary Committee.
Today, SB 252 – a widely-supported bill for CalPERS and CalSTRS to phase out fossil fuel investments – passed its first Committee hearing in the California State Senate. On Tuesday, April 18, the Senate Judiciary Committee is set to hear the bill.