In a state whose leaders speak with urgency about fighting climate change, it’s shameful and hypocritical that CalPERS and CalSTRS have billions of dollars in public employees’ retirement money invested in planet-wrecking fossil fuel companies including Exxon Mobil, Chevron and Shell. Lawmakers were considering changing that by forcing the nation’s two largest public pension funds to divest their holdings in big oil, gas and coal companies by 2031.
She said her amendments were intended to be a compromise to benefit public employees and their retirement money, developed after she met with representatives of some of the state’s largest public employee unions that have remained neutral on the bill. McKinnor wasn't really offering a compromise, but a poison pill so unreasonable and riddled with loopholes, carve outs and delays it would be inaccurate to call it fossil fuel divestment.