We’re Calling Out CalPERS on Coal – Again

CalPERS has divested 1/3 of 1% of their Coal holdings, but is touting their success

We’re showing up at CalPERS’ November 15 Investment Committee meeting to call them out on coal – again.

Thank you, CalPERS, for having the wisdom to divest the remaining three (out of 17 identified) thermal coal companies that were targeted by the legislative mandate of SB 185. It’s great that you finally recognized that Exxaro, Adaro, and Banpu were not transforming themselves into green energy companies as they had wanted you to believe. Because of your reliance on shareholder engagement, you continued to lose money on these investments every year from 2015 to 2020.

Join Fossil Free California and allies in person in Sacramento (or on the phone) to call out the California Public Employees Retirement System (CalPERS) for its continuing investments in climate- and health-destroying coal.

In response to a 2015 legislative mandate, CalPERS divested from 17 thermal coal companies worth about $25 million — but CalPERS still owns more than $9.2 billion in 160 coal companies that appear on the Global Coal Exit List, including huge conglomerates such as BHP Billiton, coal-fired utilities such as those owned by Duke Energy, and Chinese coal giant China Energy.  Investing in these companies perpetuates the climate, health, and environmental damage caused by coal, particularly in our most vulnerable communities.

According to a new report from Systems Change Lab, coal needs to be phased out five times faster than is currently being done.  Although Alok Sharma, the head of COP26, has stated that “the end of coal is in sight”, we need to show up to make sure that CalPERS does its part.

Let’s give CalPERS board and staff a warm welcome as they return from the COP26 conference in Glasgow. As the CalPERS Investment Committee meets, tell them to dump ALL the coal in their portfolio – NOW.

WHEN

Monday, November 15, 9:15 AM

Public comments will be the first item on the Agenda when Open Session starts. Comments will be limited to three minutes at most – could be less, at the discretion of the Chair.

WHERE

400 Q St, near downtown Sacramento, or by phone

USEFUL LINKS

Meeting Agenda

Directions and Call-In Instructions

Talking Points

Contact: Miriam Eide, Coordinating Director, at miriam@fossilfreeca.org

3 Comments

  1. Cassandra Lista on November 12, 2021 at 3:34 pm

    In light of the devastating effects of oil extraction and oil use, it is crucial for CalPers to totally divest from ALL oil holdings.

    Also, CalPers MUST divest from any and all oil holdings, which MUST happen without saying, because of Climate Change.

    As a CalPers member I am shocked and disappointed that CalPers has not yet totally divested from all oil holdings.



  2. Richard D Smith on November 15, 2021 at 11:01 am

    Do the right thing? Anyone got a conscience? No, your children’s future is NOT disposable.



  3. Mark Glasser on November 15, 2021 at 12:34 pm

    We cannot move forward toward and fossil free world with out stopping to use of invest in fossil fuel and use, exploration and extraction