First of its Kind Coal Divestment Measure Approved
(Sacramento) – Assemblymember Rob Bonta (D-Oakland) presented Senate Bill 185 (authored by Senator President pro Tempore Kevin De León) to the full Assembly. The measure, which requires California’s public pension funds (CalSTRS and CalPERS) to divest from holdings in thermal coal, passed on a 43-27 vote and has been sent to the Governor. “Coal is the fuel of the past and it’s no longer a wise investment for our pensioners,” said Assemblymember Bonta. “I’m pleased that my colleagues agree: it’s time to move on from this dirty energy source.” If signed into law, SB 185 would be the first measure of its kind nationwide. CalPERS and CalSTRS are the largest public pension funds in the nation, with $292 billion and $191 billion in assets, respectively, as of August 2015. Here’s more in this Assembly Access video.