By Nancy Tierney
A coalition led by Fossil Free California organized a rally on June 19 at the state Capitol grounds in support of SB 252 that commits CalPERS and CalSTRS, the state’s largest pension funds, to divest from fossil fuels. Sponsored by Senator Lena Gonzalez, the bill was scheduled for a hearing by the public employment and retirement committee that day.
Dozens of members of the SB 252 coalition consisting of CalPERS and CalSTRS members, labor, youth, and frontline community members showed up in support of the Senator at the June 19 rally. Other coalition members include Sierra Club CA, The Climate Center, Third Act, CA Faculty Association, Youth vs Apocalypse.
But instead of waiting for the results of the hearing, rally attendees heard that there would be no hearing. Senator Gonzalez announced that she and the coalition leaders supporting the bill had canceled the hearing because in the days leading up to the hearing, opponents issued lengthy amendments that had watered down the bill.
Because of the unacceptable amendments, Senator Gonzalez was forced to pull SB 252, that were proposed without room for negotiation by Assembly PERS Committee Chair Tina McKinnor and PERS Committee Staffer Michael Bolden.
The poison pill amendments the opposition wanted were the following
- Push the divestment date back to 2045.
- Add language describing the fossil fuel industry as leaders in sustainability.
- Allow extreme leeway for the pensions not to divest from companies deemed to be making "progress."
- Remove all reporting until 2045.
Undeterred, Senator Gonzalez, buoyed by folks at the rally, vowed to reintroduce the bill in the next legislative session. As noted by Fossil Free CA, “we are excited to follow Senator Gonzalez’s lead in continuing the fight for legislation on pension divestment of fossil fuels until it is won!”
You can view the press conference here.