California Pension Funds Have Billions Invested In Fossil Fuel Companies Named In State’s Lawsuit
Over the past month and a half month, California lawmakers have enacted a pair of climate disclosure bills and endorsed a global call to end the fossil fuel era. In September, the state sued five oil majors and the chief industry lobby group to hold them accountable for climate change.
Meanwhile, the California State Teachers’ Retirement System (CalSTRS) and California Public Employees’ Retirement System (CalPERS) — the nation’s two largest state public pension funds — are resisting calls to divest from fossil fuels, and legislation that would have directed the funds to divest has once again stalled.
CalSTRS and CalPERS collectively have over $4.3 billion invested in Chevron, BP, ExxonMobil, ConocoPhillips, and Shell, a new analysis from Stand.earth and Climate Safe Pensions Network has found.