CalPERS and CalSTRS—collectively representing $780 billion and 2.5 million members—must act on their fiduciary duty and responsibly phase out fossil fuel holdings.
As world governments descended on New York City for Climate Week last month, California Attorney General Rob Bonta and Governor Gavin Newsom brought a momentous announcement: Following a year of record climate disasters, the state is suing the five biggest fossil fuel companies for climate damages and deception.
The widely supported Fossil Fuel Divestment Bill, which passed the Senate in 2023, will head straight to the state Assembly in 2024. To date, nearly 1,600 institutions representing over $40 trillion in assets have committed to fossil fuel divestment. In 2023 alone, new commitments came from the Church of England, New York University, and many more, after years of futile attempts to “engage with fossil fuel companies” and “help fossil fuel clients transition” failed.
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