Climate justice advocates urge CalPERS to divest from fossil fuels at Sacramento protest

On a cold and at times rainy day, the Invest in Communities Not Fossil Fuels demonstration took place in Sacramento at the CalPERS headquarters on 400 Q St. from 11 am–1 pm on March 17. The participants called on the CalPERS board to completely divest from fossil fuels.

Among public pensions, CalPERS is the nation's #1 funder of the fossil fuel industry, according to Fossil Free California. The California Public Employees Retirement System provides over $27 billion to fossil fuel corporations that are building coal plants, oil pipelines and fracked gas wells— more than any other public pension in the country.

The event featured a new drum corps, a couple of songs, street theater based on the Matrix movie theme and an array of speakers, ranging from high school students to seniors. Third Act Sacramento, the Oil and Gas Action Network, Fossil Free California, the BDS Boycott Chevron Campaign and other groups sponsored the event.

After a number of representatives of the sponsoring groups spoke, community members engaged in the Matrix-themed street theater skit with activists, Neo and Trinity, converting the comatose CalPERS Board Members, hooked up with pacifiers in their mouths through plastic tubes into a black "oil drum," into activists.

"Despite the LA fires brought on by extreme climate conditions predicted by fossil fuel company scientists 50 years ago due to oil and gas burning, CalPERS continues to fund new extraction and pipelines even in their $100 billion sustainability fund," said Dr. Goli Sahba of Third Act Sacramento.

"The U.S. has become the largest producer of oil and gas in the world with no signs of slowing down," said Ilonka Zlatar of the Oil and Gas Action Network. "Let me ask you a question. If you were driving full speed towards the edge of a cliff, wouldn't you at least let go of the accelerator?"

"We know that every single year that we fail to bend that curve of emissions it means more difficult living conditions for my child. I worked for seven years for the government of California in different environmental agencies. I became one of those scientists were pretty sick of being behind a desk any more. I needed to take action. And I became an activist," she stated.

The event follows March 11th demonstrations and rallies held in Pasadena and Richmond to draw attention to the fossil fuel industry’s role in California’s wildfire destruction - and a release of new research by California Common Good revealing CalPERS’ hundreds of millions in investments in fossil fuel, coal, and other emitters as a part of its sustainability portfolio: https://static1.squarespace.com/static/6352da942b96f202952c5976/t/67ce23312b2e3d32a22292f4/1741562675468/New+Research+CalPERS+Climate+Plan+Includes+Oil+Majors.pdf

"Seeking detailed information about CaPERS’ Climate Action Plan, a $100 billion investment in climate solutions announced in 2023, the labor and environmental coalition, California Common Good, filed a California Public Records Act request to learn more about the portfolio's composition," according to the report. "The findings paint a very different picture than what CalPERS has portrayed at its Board meetings, in its communications and the news media."

"Most notably, the CalPERS climate solutions portfolio includes billions of dollars invested in many of the world’s most climate-endangering companies, including the five worst U.S. emitters of greenhouse gases, most of the world’s largest oil companies, and other major air polluters," the group wrote.

"In response to our records request, CalPERS only disclosed $25.7 billion worth of publicly traded 'climate solutions' securities in their climate portfolio. To date, CalPERS has refused to release information on the remaining approximately $25 billion that they claim to have already invested as a part of the Climate Action Fund. Within this portion of the portfolio we did receive, there are at least $3.56 billion in securities of companies that appear on science-based lists of the most dangerous emitters of greenhouse gases operating in the U.S. or worldwide," the group stated.

These holdings include most of the world’s largest oil and gas companies, including BP, Chevron, Exxon Mobil, Marathon Petroleum, Occidental Petroleum, Shell Oil, Valero Energy Corporation. These holdings also include the state-controlled oil and gas companies of Abu Dhabi, Brazil, China, Malaysia and Saudi Arabia

The Climate Action Plan also includes 52 of the 100 largest greenhouse gas (GHG) emitters operating in the U.S., among them the five worst, namely Berkshire Hathaway and the nation’s four most polluting utility companies: Vistra Corp., The Southern Company, Duke Energy and American Electric Power, according to the group.

As CalPERS continues to invest in fossil fuel corporations, U.S. crude oil production reached record highs under the Biden Administration — and the U.S. Energy Information Agency (EIA) forecasts that U.S. crude oil production will rise to a new high under the second Trump administration: https://www.eia.gov/outlooks/steo/index.php.  

U.S. crude oil production (million barrels per day) was 12.0 in 2022, 12.9 in 2023 and 13.2  in 2024. The EIR forecasts that there will be a new record high of 13.5 million barrels per day in 2025 under Trump.

In other words, the U.S. has produced more crude oil over the past three years than any other country in history - and this year U.S. oil production under Trump is expected to reach a new record high in oil production unmatched by any other country as the climate crisis intensifies, as evidenced by the apocalyptic fires in Southern California this year. CalPERS, by investing in fossil fuel companies, is helping to drive the destruction of Mother Earth.

For my photos of the event, go here: http://www.indybay.org/...

Here are the words to the No More Oil Stocks song I wrote for the protest. (To the tune of Oh Freedom).

No More Oil Stocks  

There’ll be no more oil stocks, there’ll be no more oil stocks, there’ll be no more oil stocks over me
And before I finally rest, CalPERS Board must divest  
I will fight for a fund fossil free

There’ll be no more Chevron, there’ll be no more Chevron, there’ll be no more Chevron over me
And before I finally rest, CALPERS Board must divert
I will fight for a fund fossil free

There’ll be no more Exxon, there’ll be no more Exxon, there’ll be no more Exxon over me
And before I finally rest, CalPERs Board must divest
I will fight for a fund fossil free

There’ll be no more WSPA, there’ll be no more WSPA, there’ll be no more WSPA over me
And before I finally rest, CalPERS Board must divest
I will fight for a fund fossil free

There’ll be no more greenwashing over me, there’ll be no more greenwashing
There’ll be no more greenwashing over me
And before I finally rest, CalPERS Board must divest
I will fight for a fund fossil free