Two of the state’s largest pension funds CalPERS (state employees’ retirement fund) and CalSTRS (state teachers’ pension fund) have billions of dollars invested in the fossil fuel industry. To prevent global warming from exceeding the two degree increase which world leaders agree would be catastrophic, 80% of current fossil fuel reserves must be left in the ground (which will become stranded assets and a huge financial risk to the pension funds.) If we continue doing business as usual, we will reach the danger zone in 15 years. In spite of this, ExxonMobil alone spends $100 million every day to explore and develop more fossil fuel. The industry has also spent millions in lobbying politicians, promoting doubt about actual climate change, and outright lying to protect its profits.
Past climate summits have shown that we can’t rely...
on world leaders to take sufficient action to prevent climate catastrophe. We have to get involved to stop the fossil fuel industry from polluting our atmosphere to where it will destroy life on the planet.
CalSTRS and CalPERS both prefer shareholder engagement over divestment to change the ways of the fossil fuel industry. However, engagement has never been successful when asking a company to change its business model. It would be like telling Starbucks to stop selling coffee!
For the sake of people, the planet, and pension funds, please join the June 12th Divestment Rally outside CalSTRS headquarters in West Sacramento. Your children and grandchildren need you to do this for them--their future depends on it.