divestment Archives - Fossil Free California

California State Treasurer Fiona Ma Supports Fossil Fuel Divestment Bill

By Shana DeClercq | March 22, 2023

Photo of the Rise for Climate march in San Francisco. Taken from the front the march, we see a banner stetching across the people marching the width of the street. The banner reads "Rise fro Climate, Jobs and Justice." Hoisted higher, a banner behind that reads, "We Rise For Survival." To one side, a large posters reads, "To Change Everything It Takes Everyone."

California has an opportunity to again lead on climate issues, energizing the global advocacy effort and ensuring the long-term sustainability of retiree pensions. This legislation gives our pension funds the necessary time to prudently plan for divestment, including identifying suitable investment alternatives” – Fiona Ma

State Treasurer Fiona Ma Issues Statement to Support Divestment Legislation following CalPERS Board Meeting

By Shana DeClercq | March 16, 2023

Official photograph of Fiona Ma. She is facing the camera, smiling, with arms folded, while wearing a light blue blazer. Behind her is a State of California building with decorative white pillars.

Divestment sends a message to companies that have shown little interest in seriously addressing a problem that places human existence in peril for the sake of profits: time’s up. This legislation gives our pension funds the necessary time to prudently plan for divestment, including identifying suitable investment alternatives.

The Seeds for Our Victory in 2023 — Planted in That Day 2013

By Deborah Silvey | February 10, 2023

Photo of founding members of Fossil Free California, standing behind the large concrete CalPERS building sign, holding up the individual letters that spell out, "DIVEST."

What has kept us so committed to Fossil Free California since these early years? A sense of the urgency of climate change propelled our growth, even while we were a small, wholly volunteer organization. We also had early success: in 2015 we were part of the coalition that helped pass Senate Bill 185, mandating divestment from thermal coal companies by both CalPERS and CalSTRS.

SB 252 announced to divest California’s public pensions from oil and gas

By Miriam Eide | January 30, 2023

Student-led movement celebrates launch of California Fossil Fuel Divestment Act January 30, 2023 Contacts: Event Livestream Recording: Senator Gonzalez’s Office | YouTube Permalink Event Photos | Fossil Free California Photos California — Today amidst devastating flooding, an historic mega-drought, wildfires, and fossil-fueled public health crises, students, retirees, and California communities across the state celebrate as…

Fossil fuel-funded cop kills California climate legislation

By CJ Koepp | June 21, 2022

The California Fossil Fuel Divestment Coalition promises to return with similar legislation next year, and will turn up the pressure directly on CalPERS and CalSTRS to divest from fossil fuels.

California Pensions Fail to Engage: A review of CalPERS’ and CalSTRS’ votes against shareholder climate resolutions

By CJ Koepp | June 8, 2022

Read the full report. As the impacts of climate change begin to wreak havoc on our bisophere, the fossil fuel divestment movement has gained remarkable momentum. Globally, 1,500 institutions representing over $40 trillion in assets have already committed to some level of divestment from the fossil fuel industry.1 Despite over a decade of pressure from…

New report reveals California pensions CalPERS, CalSTRS vote NO on Big Oil shareholder climate resolutions

By CJ Koepp | June 8, 2022

The retirement systems’ failed shareholder engagement efforts with fossil fuel companies has cost their members $11.9 billion in returns California — A report released today from Fossil Free California reveals that California’s public pensions voted to oppose climate action at major fossil fuel companies and financiers during the 2022 Annual General Meeting season. This exposé…

California Senate expected to vote on fossil fuel divestment this week

By CJ Koepp | May 25, 2022

A young climate activist marches in downtown Los Angeles holding a sign that says "SUPPORT SB 1173."

California — Amidst increasing drought and water crisis, wildfires, and tangible impacts of the fossil-fueled climate chaos, this week, the California State Senate will vote on Senate Bill 1173 (Gonzalez and Wiener), California’s Fossil Fuel Divestment Act, which would require the state’s public pension funds to divest from fossil fuels. The California Public Employees’ Retirement…

Report reveals CalPERS, CalSTRS exaggerate cost of divestment

By CJ Koepp | May 10, 2022

New report exposes pattern of misinformation on fossil fuel divestment from two largest public pension funds in U.S. (California) — A first-of-its-kind comprehensive report released today from Fossil Free California reveals that the combined $800 billion California Public Employees’ and State Teachers’ Retirement Systems have repeatedly given incorrect and inflated figures on the costs of…

What Does Divestment Cost? Misinformation from CalPERS and CalSTRS

By Sandy Emerson | May 9, 2022

The “fiscal impact” analysis for the Appropriations Committee in the state Senate or Assembly can make or break a bill. For divestment bills, CalPERS and CalSTRS have repeatedly given imprecise, incorrect, and inflated figures on the costs of divestment, including in the numbers reported to the Appropriations Committee for SB 1173, the Fossil Fuel Divestment Bill.