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For Immediate Release
June, 08 2022, 05:11pm EDT
Contact:
CJ Koepp,Fossil Free California, cj.koepp@fossilfreeca.org
New Report Reveals California Pensions Calpers, Calstrs Vote No on Big Oil Shareholder Climate Resolutions
The retirement systems' failed shareholder engagement efforts with fossil fuel companies has cost their members $11.9 billion in returns.
WASHINGTON
A report released today from Fossil Free California reveals that California's public pensions voted to oppose climate action at major fossil fuel companies and financiers during the 2022 Annual General Meeting season. This expose comes two weeks ahead of an Assembly Committee hearing on SB 1173, a bill that would require the funds to divest from fossil fuels, that was passed only two weeks ago by the California Senate.
The California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS) are the largest fossil fuel financiers among the top pension funds in the country. While the funds claim to engage with the fossil fuel industry as stakeholders to encourage companies to mitigate climate change, this analysis reveals that CalPERS and CalSTRS voted this year to oppose shareholder proposals at fossil fuel companies to reduce greenhouse gas emissions, cease exploration activity, and transition from fossil fuels to renewable energy.
"This latest report today shows that CalPERS and CalSTRS misled us--their members--by voting against climate resolutions, despite claiming their engagement with fossil fuel companies will help bring about needed change," said Charles Toombs, CFA President. "Studies have already shown a failure to divest in fossil fuels in the last decade cost us an estimated $11.9 billion in returns. The systems lost us money and are actively supporting companies opposed to our present and future needs to combat ecological changes and support environmental justice. It's long past time for lawmakers to do what these retirement pensions cannot: protect our future investments and pass Senate Bill 1173 this year to start the process of divesting from fossil fuels."
CalPERS and CalSTRS also wildly exaggerated the cost of divestment to the Senate Appropriations Committee last month, claiming figures as high as $100 million when their own consulting firm, Wilshire and Associates, has shown that the transaction cost associated with selling assets is "considered negligible."
Furthermore, the funds' highest profile shareholder action--replacing 3 of 12 ExxonMobil board members--changes to Exxon's board have not resulted in any meaningful progress to address climate change. Despite claiming "successful" engagement by CalSTRS and CalPERS, ExxonMobil, like the fossil fuel and banking industries in general, persists in climate-wrecking behavior which puts California public pensioners at financial and climate risk.
The full report can be found here.
The chart here details NO votes on climate proposals from CalPERS and CalSTRS at five major fossil fuel companies.
QUOTE SHEET
"It is with supreme disappointment that I have watched my former colleagues at CALSTRS and CALPERS ignore the growing financial, geopolitical and climate risks that now converge and have eliminated any basis for investing in the oil and gas sector," said Tom Sanzillo, Director of Financial Analysis, Institute for Energy Economics and Financial Analysis. "They know better and perhaps the voice of the California legislature can remind them of their fiduciary duty. Divestment will serve to defend the funds against the loss of value from competitive market forces and to stand against the worst excesses of the industry we are seeing in the Ukraine."
"The fact that CalSTRS and CalPERS are actively voting against any climate policy WITHIN fossil fuel companies should make it clear to everyone that these oil companies and those who support them will never take the adequate steps to prevent total climate catastrophe," said Raven Fonseca Jensen (18), Campaign Coordinator, Youth vs. Apocalypse. "These companies' only interest is profit, and they will always choose that over human life. We need a complete break with the fossil fuel industry if we want to see any kind of climate justice."
"The climate crisis is the gravest trouble that humans have ever wandered into--and we'll only get out of it if we have the courage to take on those whose lies, denial, and vested interest stand in the way of change," said Bill McKibben, Founder, Third Act. "CalPERS and CalSTRS should never have helped the oil companies defeat climate action--but then, they should long since have ended their involvement with them at all."
"The coalition's report confirms what environmental advocates across the state have been loudly exclaiming for decades: it's past time that California public agencies stop investing money in fossil fuel companies," said Brandon Dawson, director of Sierra Club California. "Despite CalPERS and CalSTRS's best efforts at stakeholder engagement, polluting industries like oil and gas have consistently refused to take necessary actions towards addressing their emissions. We must divest from them, and continue to hold these industries responsible for their role in harming California's air quality, environment, and communities."
"Divestment from fossil fuels companies is an investment in our future. Pension funds must live up to their fiduciary duty, and protect pensioners and climate alike, by wielding their institutional investor power for climate resolutions at banks' shareholder meetings. Yet CalPERS & CalSTRS voted against all climate resolutions at all big banks and major fossil fuel companies," said Amy Gray, Senior Climate Finance Strategist at Stand.earth. "CalPERS and CalSTRS are hiding behind the fool's errand of shareholder engagement with fossil fuel companies while talking a big game about engaging on climate. They are not only actively voting against climate, they continually obstruct climate action while communities experience devastating drought and wildfires. It's morally reprehensible."
"I do NOT want my pension dollars or my tax dollars invested in climate destruction fossil fuels. Our money should be invested in forward thinking green energy and climate restoration innovation," said Carol Van Sant, CalSTRS member, 1000 Grandmothers for Future Generations.
Since 2014 CalSTRS has been touting the effectiveness of engaging with fossil fuel companies as opposed to their beneficiaries' requests that they divest. So much for engagement! BP, Chevron, Eni, Equinor, ExxonMobil, Repsol, Shell, and TotalEnergies are involved in over 200 expansion projects on track for approval from 2022 through 2025. Engaging with fossil fuel companies in a lost cause. To quote UN Secretary General Antonio Guterres: Investing in new fossil fuels infrastructure is moral and economic madness," said Jane Vosburg, CalSTRS beneficiary and Fossil Free California President.
350 is building a future that's just, prosperous, equitable and safe from the effects of the climate crisis. We're an international movement of ordinary people working to end the age of fossil fuels and build a world of community-led renewable energy for all.
LATEST NEWS
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"The fact that 40 of 47 Democratic senators voted to withhold military hardware from Israel is a new high water mark in holding Israel accountable," said one observer, who called the final vote "still troubling."
Apr 15, 2026
US senators on Wednesday voted down a pair of resolutions aimed at blocking US bomb and bulldozer sales to Israel as it continues its genocidal war on Gaza and devastating bombardment and mass displacement in Lebanon.
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Absolutely historic vote today where 40 US Senators voted to block the sale of Caterpillar D-9 bulldozers to Israel, citing civilian harm Gaza, the West Bank, and Lebanon.Though the measure was defeated (as expected), the tide is turning. Just last year, this number was 27.
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— Mai El-Sadany (@maitelsadany.bsky.social) April 15, 2026 at 4:21 PM
In 2003, American human rights activist Rachel Corrie was crushed to death by a Caterpillar D9 while attempting to stop the demolition of a home in Rafah, Gaza.
Entire villages and hamlets have been razed using the dozers as Israel ethnically cleanses the occupied territories to make way for Jewish-only settler colonies.
The SJ Res. 32 roll call was followed by a 63-36 vote against advancing SJ Res. 138, which was introduced by Sanders and Sens. Chris Van Hollen (D-Md.), Jeff Merkley (D-Ore.), and Peter Welch (D-Vt.). The measure rejects the proposed sale of 12,000 BLU–110A/B general purpose, 1,000-pound bomb bodies and associated items and services.
Experts point to Israel's use of 1,000- and 2,000-pound bombs in densely populated Gaza—and the Israeli military's loosened rules of engagement effectively allowing unlimited civilian casualties in strikes targeting a single Hamas militant of any rank—as a major reason why so many Gazans are being killed and injured.
Sanders said on social media after the votes, "Today, more than 80% of the Democratic caucus stood with the American people and voted to block US military aid to [Israeli Prime Minister Benjamin] Netanyahu and his horrific, illegal wars."
"We are making progress," the senator continued. "When we started this effort there were just 11 votes, now there are 40."
Today, more than 80% of the Democratic caucus stood with the American people and voted to block U.S. military aid to Netanyahu and his horrific, illegal wars.
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— Senator Bernie Sanders (@sanders.senate.gov) April 15, 2026 at 5:05 PM
Sen. Ed Markey (D-Mass.) said following Wednesday's votes:
A vote to approve arms sales to Israel at this time would be seen as a message of approval for [President Donald] Trump and Netanyahu’s disastrous war against Iran. I will not send that message.
Why would we send American military weapons that could prolong, escalate, or worsen this horrible situation in the Middle East? I say no more. The Senate should express its opposition to Trump and Netanyahu’s needless war in Iran and seek to stop it in any way it can.
There is no military solution to this crisis. We must solve this at the negotiating table. We must stop these arms sales and end this war now.
Matt Duss, executive vice president at the Center for International Policy (CIP) and a former adviser to Sanders, slammed Democrats like Senate Minority Leader Chuck Schumer (D-NY) and Sen. Chris Coons (D-Del.) who voted to block the resolutions, for their "cowardly bullshit."
Duss noted that just last September, Coons said that "if there is no change in direction from the Israeli administration, for the first time I would seriously consider" voting to block arms transfers to Israel.
"Israeli behavior has only gotten worse since then," Duss said.
Wednesday's votes followed numerous previous failed attempts to limit US arms transfers to Israel since it launched its genocidal retaliation for the Hamas-led attack of October 7, 2023, which has left more than 250,000 Palestinians dead, wounded, or missing.
Dylan Williams, vice president for government affairs at CIP, said on X that "the fact that 40 of 47 Democratic senators voted to withhold military hardware from Israel is a new high water mark in holding Israel accountable for violating US and international law."
"It is still troubling that a few Democrats and all Republicans voted to supply the arms," he added.
The Biden and Trump administrations have lavished Israel with more than $21 billion in armed aid since October 2023, despite the International Criminal Court's issuance of arrest warrants for Netanyahu and former Defense Minister Yoav Gallant for alleged crimes against humanity and war crimes in Gaza.
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We’re taking our message across Washington, DC.Our mobile billboard will be circling Capitol Hill, the National Mall, and beyond—calling out billionaire tax avoidance and demanding higher taxes on the richest Americans.Because working people pay what they owe. It’s time the ultra-rich do too.
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— Patriotic Millionaires (@patrioticmillionaires.org) April 15, 2026 at 11:49 AM
Ellis said that he joined the lawmakers and others gathered "to urge our government leaders to deal with the money problem in our country head-on with solutions like those found in the Patriotic Millionaires' MONEY Agenda platform. Every time inequality reaches extraordinary levels, we create a vulnerability to authoritarianism where money becomes power. If we want to unrig our economy, we need a bold, surprisingly simple economic vision."
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— Congresswoman Pramila Jayapal (@jayapal.house.gov) April 15, 2026 at 6:58 PM
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A controversial federal spying power is set to expire next week, but Republican leadership in the US House of Representatives again delayed a reauthorization vote on Wednesday amid persistent demands for reforms from across the political spectrum.
President Donald Trump is pushing for a "clean" 18-month extension of Section 702 of the Foreign Intelligence Surveillance Act (FISA), which allows for warrantless spying on the electronic communications of noncitizens located outside the United States.
House Speaker Mike Johnson (R-La.) "canceled a vote scheduled for Wednesday evening... amid a hard-liner rebellion, making it more likely the program could expire in five days—but said the House would try again Thursday," Politico reported.
As for whether there would be the necessary votes on Thursday to adopt a rule to proceed to consideration of the bill, Johnson said: "I think we will... We're working through some final details."
Although GOP leaders are plowing ahead with their reauthorization effort, Demand Progress senior policy adviser Hajar Hammado still welcomed the delay, declaring that "this time, fearmongering was not enough to overcome a bipartisan movement fighting for the privacy rights of all Americans."
"We rarely ever see the full force of the White House and the intelligence agencies fail to browbeat Congress into giving them what they want," Hammado noted. "That this happened today is a testament to the tireless work of our movement, which has been successfully bringing Republicans, Democrats, and Independents together for a common cause."
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Hammado's group has been a leader in the growing coalition calling for reforms—including for lawmakers to close the "data broker loophole" that intelligence and law enforcement agencies use to buy their way around the Fourth Amendment to the US Constitution, which is supposed to protect Americans against unreasonable searches and seizures.
It's not just congressional Republicans under pressure. Demand Progress Action and Fight for the Future took aim at House Intelligence Committee Ranking Member Jim Himes (D-Conn.)—who has signaled that he will support renewal and vote against adding privacy protections—with a Sunday print advertisement in the Connecticut Post.
We teamed up with @demandprogress.bsky.social to call out @jahimes.bsky.social for supporting Trump's mass surveillance efforts by trying to push through Section 702 without reform.
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— Fight for the Future (@fightforthefuture.org) April 14, 2026 at 8:38 PM
On Tuesday, Congressional Asian Pacific American Caucus Chair Grace Meng (D-NY), Congressional Hispanic Caucus Chair Adriano Espaillat (D-NY), and Congressional Progressive Caucus Chair Greg Casar (D-Texas) spearheaded a letter to Democratic and Republican leaders in both chambers arguing that "this authority ought to include meaningful Fourth Amendment protections for Americans in its renewal package."
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Meanwhile, The American Prospect reported Monday that "the Congressional Black Caucus will quietly support an effort to reauthorize surveillance powers that were used to spy on Black Lives Matter activists in 2020," which "comes after Rep. Gregory Meeks (D-NY), the powerful ranking member of the House Committee on Foreign Affairs, successfully lobbied CBC leadership to stand down on reforming the vast intelligence authority."
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