San Francisco Chronicle reports: California’s huge public pension funds, CalPERS and the California State Teachers’ Retirement System, have lost more than $5 billion on their fossil fuel investments at a time when some legislators are urging the funds to dump their coal company stocks.
An analysis from the environmental group 350.org found that the two pension funds lost $5.2 billion from June 2014 through June of this year on companies that produce coal, oil and natural gas. And many of those stocks have plunged even further since then, driven down by sinking oil and coal prices.
“It’s important to see that fossil fuels in general, and coal in particular, are risky bets for the pension system,” said Brett Fleishman, senior analyst with 350.org, which promotes fossil fuel divestment as a way to fight climate change. “When folks are saying divestment is risky, we can say, ‘Well, not divesting is risky.’” [Continue reading…]