“Divest Now” – Sacramento Bee
Letter to the Editor
Despite increasing pressure from powerful sources, CalPERS is doubling down on its refusal to divest from fossil fuel companies, citing “fiduciary duty.”
But fiduciary duty requires CalPERS and CalSTRS to be loyal to their members and beneficiaries, not fossil fuel companies.
CalPERS plans to increase investments in “climate solutions” to $100 billion by 2030, but it also plans to continue investing in fossil fuel companies. CalPERS asserts that increasing green investments will reduce portfolio emissions by 50%, but this reduction is meaningless if fossil fuel companies continue to pollute. Simply diluting the portfolio will not help achieve climate goals without also removing investments in fossil fuel production.
Despite the Intergovernmental Panel on Climate Change’s warning that the climate emergency demands an immediate halt to new production, fossil fuel companies continue to expand. They treat the climate crisis — and our planet — with contempt.
CalPERS should divest as soon as prudently possible.
Sandra Emerson, Berkeley
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See this article online: https://www.sacbee.com/opinion/letters-to-the-editor/article283072543.html
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