Net Zero is a False Narrative and a Dangerous Trap

By Diana Curiel and Sandy Emerson | September 5, 2023
Image of an industrial operation with several smokestacks billowing smoke.

Carbon capture technologies are being used to justify increasing oil production, and delay the inevitable and essential transition to clean energy. They are risky, energy intensive, and expensive. Instead, we need to use our financial resources to accelerate the transition to renewable and clean energy, and lower our carbon emissions by reducing our reliance on fossil fuels.

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Oakland City Attorney comes out in strong support of SB 252, California’s fossil fuel divestment bill

By Fossil Free California | June 14, 2023
Collage graphic. Across a photo of an Oakland City building is screenshot of a headline that reads, "Opinion: Divest California public employee pensions from fossil fuels. Ending CalPERS and CalSTRS funding of this industry is critical to meet local, national and international goals." At right is a headshot of Oakland City Attorney Barbara J. Parker.

Oakland City Attorney Barbara J. Parker’s op-ed reads: “Divesting from fossil fuel companies is the right thing to do to protect California’s frontline and fenceline communities. Due to long legacies of systemic racism, these communities are disproportionately impacted by climate change, climate harm, and pollution. The Legislature must pass SB 252 this year. This bill is both financially prudent and essential to meeting our collective climate goals.”

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Financial outcomes from divesting from fossil fuels

By UC Berkeley Economics Professor Clair Brown, Sandy Emerson, Sara Theiss and Glenn Fieldman | May 8, 2023
Photo that shows a closeup of a person's hands stacking coins in increasingly larger stacks, with seedlings on top of each stack.

Screening out fossil fuel stocks has not had a significant impact on returns for global, well-diversified portfolios — in fact over the past 12 years, an index without fossil fuels outperformed its most similar index with fossil fuels, and two separate studies by found that divestment actions taken by funds worldwide have passed the prudence tests required of fiduciaries. An additional academic study spanning decades that included previous oil price spikes found no significant difference in performance between portfolios with and without fossil fuels.

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The Seeds for Our Victory in 2023 — Planted in That Day 2013

By Deborah Silvey | February 10, 2023
Photo of founding members of Fossil Free California, standing behind the large concrete CalPERS building sign, holding up the individual letters that spell out, "DIVEST."

What has kept us so committed to Fossil Free California since these early years? A sense of the urgency of climate change propelled our growth, even while we were  a small, wholly volunteer organization. We also had early success: in 2015 we were part of the coalition that helped pass Senate Bill 185, mandating divestment from thermal coal companies by both CalPERS and CalSTRS.

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What Does Divestment Cost? Misinformation from CalPERS and CalSTRS

By Sandy Emerson | May 9, 2022
Callout that reads Hyberbole in the Hearings: Pension Funds Exaggerate the Cost of Divestment

The “fiscal impact” analysis for the Appropriations Committee in the state Senate or Assembly can make or break a bill. For divestment bills, CalPERS and CalSTRS have repeatedly given imprecise, incorrect, and inflated figures on the costs of divestment, including in the numbers reported to the Appropriations Committee for SB 1173, the Fossil Fuel Divestment Bill.

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