Latest News
Frequently Asked Questions – Senate Bill 252, The Fossil Fuel Divestment Act
CalPERS has roughly $9.4 billion dollars, and CalSTRS $5.4 billion dollars ($14.8 billion in all) of stock and bond investments in the top 200 coal, oil and gas production companies.
Read moreGovernor Newsom Will Sign SB 253, SB 261, Advancing the Climate Accountability Bill Package
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.
Read moreWhy Divest from Fossil Fuels
“It’s time to take the next step in climate action. Divestment sends a message to companies that have shown little interest in seriously addressing a problem that places human existence in peril for the sake of profits: time’s up.”
Read moreNet Zero is a False Narrative and a Dangerous Trap
Carbon capture technologies are being used to justify increasing oil production, and delay the inevitable and essential transition to clean energy. They are risky, energy intensive, and expensive. Instead, we need to use our financial resources to accelerate the transition to renewable and clean energy, and lower our carbon emissions by reducing our reliance on fossil fuels.
Read moreOakland City Attorney comes out in strong support of SB 252, California’s fossil fuel divestment bill
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.”
Read moreWhat is Climate Accountability Bill Package?
The Climate Accountability package comprises 3 transformational bills that will ensure we are meeting the climate crisis with strong data, financial transparency, risk mitigation, and in the case of our…
Read moreFinancial outcomes from divesting from fossil fuels
Screening out fossil fuel stocks has not had a significant impact on returns for global, well-diversified portfolios — in fact over the past 12 years, an index without fossil fuels outperformed its most similar index with fossil fuels, and two separate studies by found that divestment actions taken by funds worldwide have passed the prudence tests required of fiduciaries. An additional academic study spanning decades that included previous oil price spikes found no significant difference in performance between portfolios with and without fossil fuels.
Read moreState Treasurer Fiona Ma Issues Statement to Support Divestment Legislation following CalPERS Board Meeting
Divestment sends a message to companies that have shown little interest in seriously addressing a problem that places human existence in peril for the sake of profits: time’s up. This legislation gives our pension funds the necessary time to prudently plan for divestment, including identifying suitable investment alternatives.
Read moreInformación del proyecto de ley del Senado (SB) 252
¿Por qué es fundamental apoyar el proyecto de ley SB 252? Ahora, en el 2024, es tiempo de acabar con la contaminación de los combustibles fósiles que destruye nuestras comunidades…
Read moreThe Seeds for Our Victory in 2023 — Planted in That Day 2013
What has kept us so committed to Fossil Free California since these early years? A sense of the urgency of climate change propelled our growth, even while we were a small, wholly volunteer organization. We also had early success: in 2015 we were part of the coalition that helped pass Senate Bill 185, mandating divestment from thermal coal companies by both CalPERS and CalSTRS.
Read more