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February 4, 2025
On Wednesday, January 29th, the Fossil Fuel Divestment Act was announced during a press conference at the Illinois State Capitol Building. The Climate Safe Pensions Illinois (CSPI) coalition led by 350 Chicago, Third Act Illinois and Climate Reality Project attended the press conference.
Chief Sponsors Representative Will Guzzardi for the House and Senator Adriane Johnson held the press conference to explain the fiscal case for divesting the five retirement systems (pensions) funded by the state of Illinois.
“We know that fossil fuels are a highly risky and volatile investment,” said Rep. Will Guzzardi, chief sponsor of the legislation in the Illinois House. “Due to the rapid transition to renewable energy, the fossil fuel sector is forecasted to lose even greater value in the foreseeable future. We can no longer afford to have our state invest public dollars in assets that pose a risk to the hard earned retirement savings of our public workers, that pollutes our communities and which threatens our climate.”
“The Fossil Fuel Divestment Act is a forward-thinking approach that not only protects our pension funds but also aligns with the Climate and Equitable Jobs Act’s bold vision for combating the climate crisis,“ said Sen. Adriane Johnson, chief sponsor of the legislation in the Illinois Senate. “Illinois is leading by example, proving that economic responsibility and climate action can go hand in hand.”
The bill was introduced in the Senate (SB0130) while introduction is pending in the House. Already the bill has gained six confirmed senate sponsors with a number waiting to be formally confirmed and the House has 17 members ready to sign on once the bill gains introduction on the 7th of February.
Formed in the winter of 2024, the CSPI coalition spent much of 2024 engaging with the public at farmers markets, festivals, green and eco fairs and recycling events, gaining over 1500 signatures on postcards in support of the policy of Fossil Fuel Divestment. 350 Chicago tabled at fifteen such events talking to Illinoisans to educate the public about the need for the state to follow the path of fossil fuel divestment.
Beyond the events outlined above, the member groups of the coalition formed four working groups to further educate the public and engage with constituencies such as pensioners, legislators and policy makers, unions and potential allies and organizations. In the last 3 months, the CSPI coalition has gained the endorsement for the campaign from about two dozen different organizations. The coalition also launched a website at https://www.climatesafepensionsillinois.org/ to further educate the public and policy makers. The coalition looks forward to continuing our efforts to educate the public and policy makers about the policy of fossil fuel divestment.
