Reported 11 months ago
The proposed California bill that would have required the state's two largest pension funds, Calpers and Calstrs, to divest an estimated $15 billion in oil and gas assets has been deferred for the third year, but State Senator Lena Gonzalez plans to reintroduce it next year with a stronger coalition of climate activists. The bill aims to push the pension funds to stop new investments in oil and gas companies next year and divest existing assets by 2031, but faced opposition and amendments from a legislative committee, seeking to extend the divestment deadline to 2045.
Source: YAHOO