ventura, May 16, 2023

SB 252 (Gonzalez) Advancing Fossil Fuel Divestment would prohibit the California Public Employees Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) from investing in fossil fuel companies, and require that they divest any current investments by 2030. It was put in the suspense file, that means it is dead for this session, but we see now that it will be heard on Thursday, May 18, 2023 in the Senate Appropriations Committee.

Consider creating your own account with the California Legislative Position Letter Portal that allows you to submit a doc or pdf letter to all members and staff of the Appropriations Committee as well as the authors of a bill.

Please send a letter of support. Ask for a YES vote.  Below is our Climate Hub position letter sent a couple days ago asking the chair to remove it from the suspense file; maybe it helped?!  Now we need calls, emails and/or position letters in SUPPORT.

Below the position letter is contact info for Senate Appropriations Committee members for individual emails and phone calls.  Short video at Fossil Free California’s website: Read more at these links:

• • • •     Among public pensions, CalPERS is the nation’s #1 funder of the fossil fuel industry.
      •     CALSTERS funds climate chaos using teachers’ retirement savings! 

Here’s what we sent the Appropriations Committee on May 11th, 2023:

The Honorable Anthony Portantino

Chair, Senate Appropriations Committee

1021 O Street, Suite 7630

Sacramento, CA 95814

RE:     Request to Remove from Suspense File: Senate Bill 252 (Gonzalez, Stern & Wiener)

            Divestment from Fossil Fuels (As amended on April 20, 2023)

            Position: SUPPORT

Dear Chair Portantino,

350 Ventura County Climate Hub believes that SB 252 (Gonzalez, Stern and Wiener) is one of the most important bills in this session to prohibit the boards of the Public Employees Retirement System (CalPERS) and the State Teachers Retirement System (CalSTRS) from investing in the top 200 fossil fuel companies, require divestment from any current investments in those fossil fuel companies by 2031, and report annually on their divestment progress beginning in 2025. We believe the timetable is unacceptably long considering the threats of climate change. The impact of these investments is accelerating damage globally, harming the ability to leave a livable planet for future generations.

Despite California’s efforts to combat the causes of climate change, the state’s multi-billion-dollar retirement pension funds show no intention of reversing their support for fossil fuel companies causing climate change.

CalPERS and CalSTRS have an investing power of $469 billion and $327 billion, respectively. It is very wrong that CalPERS invests $5.5 billion in fossil fuel companies and CalSTRS invests $3.4 billion.

Next, we need legislation requiring pension fund investment in carbon-free technologies. It is obvious that fossil fuels are risky, dare we say stupid, investments, as well as immoral in the context of the climate crisis.  State retirees and union members think so! 1,500 institutions with over $39 trillion in assets, including the University of California, the California State University, the State and City of New York, the State of Maine, the Vatican, and the province of Quebec think fossil fuels are wrong, risky investments!

350 chapters began and spread globally more than a decade ago with fossil fuel divestment at the top of our agenda. Our 1,450 members in Ventura County and sister organizations in our climate coalition support this bill as a fundamental necessity of state climate policy.

Respectfully, if you believe California should be distinguished as a climate leader, it is essential that you remove this important legislation from the suspense file.

Respectfully,

Jan Dietrick, MPH

350 Ventura County Climate Hub

Policy Team Leader

cc:     Members and Consultants, Senate Appropriations Committee

            Senator Toni Atkins, Senate President Pro Tempore

           Senator Lena Gonzalez

            Senator Henry Stern

            Senator Scott Wiener

Contact Information for Senate Appropriations

Help build political will with the Fossil Fuel Divestment Coalition: