The California State Senate is considering an important bill right now, which could give the climate movement a big boost.
This spring, Fossil Free California launched a campaign calling for the state’s two large pension funds to divest from fossil fuels. Now there’s a bill before the State Senate that represents a big opportunity for the campaign:
SB 185 would divest CalPERS and CalSTRS from companies that generate at least half their revenue from coal mining, and it would mandate a thorough feasibility study for divestment from oil & gas.
CalPERS alone is the largest state pension fund in the US, with over $300 billion in assets. CalSTRS is the largest teachers’ retirement fund in the country, with nearly $200 billion in assets. If these two massive funds were to divest from coal -- and eventually from all fossil fuels -- it would help undermine the huge power wielded by the fossil fuel industry, in California and beyond.
In the midst of this historic drought, Californians are feeling the impacts of our changing climate more acutely than ever -- even as the oil and gas industry continues to poison water and communities up and down the state. Divestment from fossil fuels won’t solve any of these problems directly, but it will send a strong (and necessary) message:
Californians are ready for another path -- one that doesn’t poison our air, waste our precious water resources, and deepen the climate crisis.
SB185 is not the end of this fight -- but it's a great start. Send a message to your State Senator in Sacramento, and ask them to support this important bill.