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SB 252 (Gonzalez) Divesting from fossil fuels in the public retirement system

Climate activist in Sacramento holds a sign reading "Divest from destruction, Invest in our Future." Photo by The Climate Center.
Climate activist in Sacramento holds a sign reading "Divest from destruction, Invest in our Future." Photo by The Climate Center.

On June 18, 2024, Senator Lena Gonzalez shelved SB 252, The Fossil Fuel Divestment Act, in response to recently proposed committee amendments that would erode the core purpose of the bill. The proposed amendments were brought forward only days before a decisive and long-anticipated hearing in the Assembly Committee on Public Employment and Retirement and would allow for two decades of continued investing in Big Oil, among other loopholes and giveaways. Due to the committee’s damaging proposed amendments and refusal to negotiate, Senator Gonzalez decided to shelve the bill and is committed to reintroducing the legislation next year.

California should be holding fossil fuel corporations accountable for decades of pollution and destruction, not propping them up with $14 billion from our largest public pension funds. While we are disappointed to see this bill stall, we remain committed to divesting from Big Oil and investing in clean air, clean water, and a climate-safe California.

Bill author