The losses for CalPERS and the California State Teachers’ Retirement System were largely due to the price of coal and oil falling between July 2014 and June 2015, the group found. The report comes amid increasing calls — and proposed legislation — for fossil fuel divestment.
“It’s important to see that fossil fuels in general, and coal in particular, are risky bets for the pension system,” Brett Fleishman, a senior analyst with 350.org, which advocates for divestment, said in a statement. “When folks are saying divestment is risky, we can say, ‘Well, not divesting is risky.'”
Read more at California’s Retirement Funds Lost $5 Billion in Fossil Fuel Investments Last Year
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