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”

November 13, 2023
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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Newsom Surprises New York Climate Week with Announcements on SB 253, SB 261, Advancing the Climate Accountability Bill Package

September 19, 2023
A picture of Gavin Newsom

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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Oakland City Attorney comes out in strong support of SB 252, California’s fossil fuel divestment bill

By Fossil Free California | June 14, 2023
Collage graphic. Across a photo of an Oakland City building is screenshot of a headline that reads, "Opinion: Divest California public employee pensions from fossil fuels. Ending CalPERS and CalSTRS funding of this industry is critical to meet local, national and international goals." At right is a headshot of Oakland City Attorney Barbara J. Parker.

Oakland City Attorney Barbara J. Parker’s op-ed reads: “Divesting from fossil fuel companies is the right thing to do to protect California’s frontline and fenceline communities. Due to long legacies of systemic racism, these communities are disproportionately impacted by climate change, climate harm, and pollution. The Legislature must pass SB 252 this year. This bill is both financially prudent and essential to meeting our collective climate goals.”

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