No more fossil fuel investment for California’s two largest pension systems?
Yes, if a new CFA-sponsored bill is signed into law.
Last week, California state senators Lena Gonzalez and Scott Wiener introduced SB 1173, which would require CalPERS and CalSTRS to divest from coal, oil, and gas companies, a move designed to combat climate change and severely limit money and influence of perpetrators of our current climate crisis.
The bill would prohibit any new fossil fuel investments, too.
Currently, CalPERS has approximately $5.5 billion in coal, oil, and gas investments.
“We have to stop pretending that fossil fuel companies are good corporate citizens,” Carlos Davidson, a retired San Francisco State professor and current CFA Peace & Justice Committee member said during last week’s press conference announcing SB 1173. “Their own scientists knew their product was causing climate change, but the companies kept it secret.”
“Climate change is an issue of environmental justice, disproportionately impacting Indigenous communities, communities of color, and low-income communities due to historical oppression, power inequity, and lack of access to resources for prevention and relief,” Anne Luna, CFA Sacramento chapter vice president and co-chair of CFA Womxn’s Caucus, said during last week’s press conference. “Indigenous nations have lived in balance with the Earth since time immemorial – and decisions we have made in just the past 150 years have brought our world to the brink of destruction.
“The time to make meaningful investments into climate action is now.”
CFA member leaders passed a resolution during CFA’s 92nd Assembly in Spring 2021 calling for the divestment of fossil fuels from CalPERS.
This is not CFA’s first divestment campaign.
In 2019, CFA advocated for and got CalPERS to divest from private prison companies.
Within CFA, the fossil fuel divestment work is being led by the Peace & Justice Committee. If you would like to get involved, please contact Lisa Sparaco at firstname.lastname@example.org.