Unions Support Divestment to Protect California State Worker Pensions

Photo of supporters of SB 252 in front of the California Capitol building

Public employees deserve a secure pension, safe working conditions, and a livable place to retire. While fossil fuel investments are extremely volatile and risky, fossil fuel pollution drives climate chaos in California — including extreme heat, flooding, toxic air pollution, water contamination, and wildfires. Our pension funds actively investing in fossil fuels is undermining our…

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“Divest Now” – Sacramento Bee

Despite the Intergovernmental Panel on Climate Change’s warning that the climate emergency demands an immediate halt to new production, fossil fuel companies continue to expand. They treat the climate crisis — and our planet — with contempt. CalPERS should divest as soon as prudently possible.

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Fossil Free California and the California Fossil Fuel Divestment Coalition: “While we welcome CalPERS scaling up climate-safe investments, there’s no room for fossil fuels in any sustainable finance or net-zero plan”

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."

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.

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Governor Newsom Will Sign SB 253, SB 261, Advancing the Climate Accountability Bill Package

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.

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Broad Coalition Calls on CalPERS to Update Approach to Climate Change

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…

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Why Divest from Fossil Fuels

Rally. Masked activists hold each side of a super-sized white sign that reads, "Time's Up, CalPERS. 150,000 Say Divest From Fossil Fuels."

“It’s time to take the next step in climate action. 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.”

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California fossil fuel divestment bill – SB 252 – passes Senate with massive momentum

Photo of a large group of people gathered to lobby for the Climate Accountability bill package. They are under large trees on the Sacramento Capitol grounds and hold a sign that reads, "Divest California's Public Pensions." Photo by Brooke Anderson.

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…

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