I live in(city and zip). I am very worried about the relationship between climate change and extreme weather, especially the recent increases in drought, and the increasingly damaging fires wild fires in the State. I urge the Assembly Appropriations Committee to move SB964 out of committee to the Assembly floor so it can be voted on this August.
Requiring CALPERS and CALSTRS to consider the climate-related financial risks of the investments in their portfolios, SB 964 would strengthen the portfolios and provide a model for other investment funds to assess their risks. Further, because SB964 requires that CALPERS and CALSTRS publicly report on the climate-related financial risk of the companies in their portfolios, it will focus public attention on the economic damage fossil fuels are creating. This will highlight the importance of transitioning away from fossil fuels as fast as is feasible.
Action Preferred: Email or fax a support letter to the consultant preparing an analysis of SB 964 for the Assembly Appropriations Committee. Email: email@example.com
or Committee fax: 916-319-2181
Alternative: If you are unable to send a support letter, you may sign the petition supporting this bill at Fossil Free California’s website.
SB 964 passed the Senate in May. The Assembly Appropriations Committee is the last hurdle before it can be voted on in the Assembly. Opponents are lobbying this committee, so support letters are important.
CALPERS (CA public employees) is the largest public pension plan in the country, and CALSTRS (CA teachers) is the second largest. Together their portfolios are worth $560 billion, giving them tremendous influence. Data is becoming available which makes it possible to link an individual fossil fuel company to its share of climate change damage. Several law suits, including those of San Francisco, New York City and Boulder, have been filed against individual oil companies for damages from the climate change their products have caused.
The fossil fuel companies not only need to worry about their legal liability, they are in danger of having to “strand” assets. As the transition from fossil fuels to alternative forms of energy speeds up, the fossil fuel companies risk having to leave some of their assets in the ground, whether they want to or not. Hence their reserves and stock prices are likely overvalued. The extent of overvaluation needs to be assessed to protect all future pensions.