Under the proposal, two giant pension funds would have been required to remove assets of large oil and gas companies by 2031 and halt any new investments by 2024.
The California State Assembly has shelved
, a major blow to environmental advocates who hoped the funds could be a national model for the divestment movement. Marcie Frost, CEO of Calpers, previously signaled her opposition, saying the bill would “do nothing to combat the dangers of climate change.” The decision marks the second year in a row a pension fund divestment bill has passed the state Senate only to die in the lower house amid opposition from the funds, which manage a combined $822.3 billion in assets.
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