A California bill which would have required The California Public Employees’ Retirement System (CalPERS) and The California State Teachers’ Retirement System (CalSTRS) to divest investments from the fossil fuel industry has been blocked ahead of its State Assembly hearing. Senate Bill 1173 had passed the state senate vote 21-10 last month, but was pulled ahead of its Assembly Committee on Public Employment and Retirement hearing which was due to take place today. CalPERS and CalSTRS represent a combined US$800 billion in investments, and were previously found by an FFC report to have overstated the negative impact of divestment from fossil fuels. The Assembly’s hearing of SB1173 was vetoed by Jim Cooper, the Chair of the Assembly Committee on Public Employment and Retirement, refusing to let the bill be heard by the committee. CJ Koepp, a spokeswoman for Fossil Free California who co-sponsored the bill, said: “While the bill’s progress has been cut short this session, we’ll be back with similar legislation next year and are turning up the pressure directly on CalPERS and CalSTRS to live up to their fiduciary duty.“
BREAKING: Amidst wildfires & mega-drought, California's fossil fuel divestment bill dies in committee.
While the bill's progress has been put on pause, we'll be back with legislation next year & will keep up the fight for @CalPERS & @CalSTRS to DIVEST!https://t.co/W7ZVikGUai pic.twitter.com/dqm2W632hO
— Fossil Free California (@FossilFreeCA) June 21, 2022