Why California’s Public Employee Pension Funds Should Divest From Fossil Fuels: Carlos Davidson writes in support of SB 252:
Senate Bill 252, which requires California’s two large public employee pensions funds, CalPERS and CalSTRS, to divest from the 100 top oil and gas companies by 2030,the state Senate in May. Divest means selling off any stock or bond holdings in these companies and not buying new fossil fuel stocks or bonds.
When companies act this immorally and with such catastrophic consequences for human society and life on the planet, public pension funds should not engage with them as if they were good corporate citizens; they should instead divest. “With that knowledge, defendants took steps to protect their own assets from these threats through immense internal investment in research, infrastructure improvements, and plans to exploit new opportunities in a warming world.”
And SB 252 contains an “escape clause” such that if CalPERS thinks divesting from a fossil fuel company is not financially prudent, then it doesn’t have to divest. Shareholder engagement promotes the image of fossil fuel companies as good corporate citizens, which actually strengthens their political power to fight climate legislation. This is exactly opposite the strategy of divestment, which aims to weaken the political power of fossil fuel companies by calling them out as bad actors, and thereby win climate legislation.
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