pensions loss Archives - Fossil Free California

REPORT: CalPERS & CalSTRS lost over $9.6 billion by not divesting from fossil fuels 10 years ago

By Fossil Free California | June 28, 2023

At the The Institute for Energy Economics and Financial Analysis conference, a group of six people stands on a stage facing out. At front is Zara Ahsan, youth divestment advocate, holding a climate clock which reads: “6 YEARS 29 DAYS 19:56:29 | CA WORKERS WOULD BE $9.6B RICHER.”

On June 28, 2023, the University of Waterloo released a groundbreaking report revealing that by not divesting, CalPERS lost $4.7 billion in missed returns, or $3,163 per beneficiary. CalSTRS lost over $4.8 billion in missed returns, or $5,114 per beneficiary over the last ten years, by not removing fossil fuels from their investment portfolio.