This story was produced by the nonprofit journalism publication Capital and Main and is republished with permission.
Environmental groups, faculty associations, and others seeking to slow climate change are pushing California to cut its investments in fossil fuels. Divestment supporters point to the state’s massive economy — the largest in the country — as evidence that divesting here could help kick off a nationwide trend by hurting fossil fuel companies and accelerating the transition to clean energy.
They’ve had little success. A recent divestment bill that would have directed managers of California’s public pension and teachers’ retirement funds to stop investing in the 200 largest oil, gas, and coal companies failed in the Legislature for the second year in a row. State pension funds have an estimated $14.8 billion invested in fossil fuel companies that are driving the climate crisis.
SB 252 would require the California Public Employees’ Retirement System (CalPERS) and the State Teachers’ Retirement Sys... Read more