Divesting from fossil fuels companies would protect frontline communities, state workers and ultimately our planet.
ExxonMobil is proving that fossil fuel shareholder engagement is not only an exercise in futility — it’s also likely a liability. Big Oil now doesn’t care what its shareholders think, and are looking to grasp onto business as usual at our peril., are experiencing year-round fires, floods, heat and smoke.
CalPERS has argued that the fund can be more influential through shareholder engagement, but what do they have to show for it? Nothing. Exxon’s suit is just a slap in the face. After years of digging in its heels, CalPERS now acknowledges that engagement with Big Oil isn’t working — and is considering an. CalPERS President Theresa Taylor said they need a plan, “and that plan needs to include whether or not we keep those people in our portfolios,” referring to Exxon.
As the largest pension fund in the nation and the sixth largest in the world, CalPERS could lead the transition and send a message that That would make me a very proud CalPERS beneficiary.
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