California has about $15 billion in public pension funds that are invested in fossil fuel companies, and your taxpayer dollars contribute to these funds alongside state employees’ contributions. But guess what – YOU can do something about this!
Join fellow California Third Actors and our coalition led by Fossil Free CA in signing a letter to your Assemblymember in support of Senate Bill 252, the Fossil Fuel Divestment Act. And if you want to learn more, join us with the SB 252 author, state Senator Lena Gonzalez on April 9 at 5:00 PM Pacific Time.
SB 252 will prohibit California’s two largest pension funds, Public Employees Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) from investing in fossil fuel companies. It provides that they divest current holdings in these companies by 2031, with an additional five-year off-ramp should the funds encounter specified market conditions.
To comply with the California Constitution, the bill does not require CalSTRS and CalPERS to act unless they determine that the action is consistent with the fiduciary responsibility of the pension boards. But its passage will send a clear message to the Boards of CalPERS and CalSTRS that Californians want them to divest, as well as a very clear signal to the markets and other pension fund administrators. The current investments in dirty fossil fuel projects are undermining California’s efforts to meet our ambitious state-mandated climate goals and are directly contributing to air, water, land, and climate pollution that is affecting Californians’ well-being.
Last year, SB 252 passed the State Senate and is now awaiting a crucial committee hearing in the California Assembly. This bill can be a game-changer. We need to build support among legislators now.
CalPERS and CalSTRS divested from companies doing business in Apartheid South Africa because profiting from racial oppression is wrong. They divested from tobacco companies because knowingly selling and promoting a product that causes cancer is wrong. There is a global fossil fuel divestment movement because fossil fuel companies are using their tremendous political power to block desperately needed climate legislation around the globe and right here in California. That is also terribly wrong.
Your support is key to winning passage of SB 252.
And if you are a member of a union, or a CalPERS or CalSTRS beneficiary, make sure to indicate this on your submission because your voices are especially persuasive to elected officials.
Please share this action with friends, family and colleagues! We are trying to get 3,000 signatures by June. Many of us in the three California Third Act Working Groups are pension beneficiaries, and former public employees who are actively working to pass this bill. Please join us!
Thank you for taking action with Third Act!
MA Morgan, Third Act SF Bay Area
Sally Richman, Third Act SoCal
Ruth Holton-Hodson, Third Act Sacramento
