MAY 25: California fossil fuel divestment bill heads to full Senate floor vote

After passing Senate Appropriations, SB252 is the “climate bill that could.” Tremendous momentum for California, the world’s sixth largest economy, to lead on climate, economic, and fiduciary responsibility.

WHAT: SB 252 (CalPERS & CalSTRS fossil fuel divestment bill) full Senate floor vote

WHEN & WHERE: May 25, 2023. Floor session begins at 9:30am. Senate Agenda Item #177. Livestream available at https://www.senate.ca.gov/ while Senate is in session.

WHO: 140+ groups, 4 Senate co-sponsors, and unions representing over 470,000 workers.

Spokespeople are available for on-record interviews, including:

  • Miguel Alatorre, Fossil Free California, Campaigns Organizer

  • Miriam Eide, Fossil Free California, Coordinating Director

  • Youth divestment spokesperson, Youth vs. Apocalypse

  • Teacher, Oakland Unified School District, CalSTRS member

  • Carlos Davidson, San Francisco State University, CalSTRS member

  • Additional CalPERS and CalSTRS members and beneficiaries

WHY: Californians are facing climate whiplash – trying to navigate lives, jobs, and families, mopping up from record-breaking flooding (estimated at $30 billion in damages in 2023 so far) following decades of drought, and girding for the ever-lengthening wildfire season. For California’s teachers, workers, and retirees, climate chaos isn’t a someday problem, it’s a right-now crisis.

The IPCC urgently warns that “there is a rapidly closing window of opportunity to secure a liveable and sustainable future for all,” with UN Secretary General Antonio Guterres stating, “new funding for fossil fuel exploration and production infrastructure is delusional.

Yet CalPERS and CalSTRS – the two largest public pension funds in the U.S. – continue to collectively finance fossil fuels to the tune of over $14 billion. California, the world’s sixth largest economy and holder of the nation’s two largest public pensions – CalPERS and CalSTRS – is poised to lead the financial sector into a new era of financial prudence and risk-managed growth by divesting the funds of their toxic fossil fuel holdings.

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