California Lawmakers Seek to Divest Public Pension Funds From Fossil Fuel
A bill requiring California’s two largest public pension funds to divest from fossil fuel companies is quickly making its way through the state Legislature despite opposition from the state funds.
Senate Bill 252, introduced by state Sens. Lena Gonzalez (D-Long Beach), Henry Stern (D-Calabasas), and Scott Wiener (D-San Francisco), would prohibit the boards of California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) from making new investments or renewing investments in fossil fuel companies.
The legislation is part of a Climate Accountability Package that mirrors a national climate justice movement.
“For far too long, corporations have profited at the expense of low-income communities of color who have to struggle with the harmful impacts of their polluting operations,” Gonzalez said in a February release….