Lawmaker Vows New $15 Billion Oil Fight at Calpers, Calstrs (1)

A California bill forcing the two largest US pension funds to divest an estimated $15 billion in oil and gas assets has quietly fizzled for the third straight year, but the influential state lawmaker behind the effort vowed to renew the legislation with a stronger alliance of climate activists.

State Senator Lena Gonzalez, a Democrat from Los Angeles County, said she’ll reintroduce legislation next year to force the <-bsp-bb-link state="{"bbHref":"bbg://securities/3261Z%20US%20Equity","_id":"00000190-3c3e-d497-a7fb-fc3fcc640000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">California Public Employees’ Retirement System and the <-bsp-bb-link state="{"bbHref":"bbg://securities/53793Z%20US%20Equity","_id":"00000190-3c3e-d497-a7fb-fc3fcc650000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">California State Teachers Retirement System to dump their holdings in oil and gas companies. She shelved the bill this week after a committee in ...