teachers

By various - Fossil Free California, November 22, 2022

By staff - Labor Network for Sustainability, September 30, 2022

As Los Angeles temperatures soared this September, the United Teachers of Los Angeles (UTLA) and its allies demanded that the Los Angeles United School District (LAUSD) bargain over their comprehensive climate justice proposals and take immediate action to address the extreme heat searing LA schools. The announcement for a September 6 press conference stated,

In the midst of LA’s worst heatwave of the year – and a climate crisis that hits Black and brown communities the hardest – LAUSD is completely unprepared to deal with extreme heat. Despite broken AC units and hot asphalt schoolyards, the District has rejected parents’ pleas for even temporary shade from the sun.

The UTLA, together with parents, students, and community representatives, made a series of climate justice bargaining proposals to address the climate crisis in LA schools as part of its common good “Beyond Recovery” platform. But the LAUSD has refused even to bargain over them.

The UTLA’s bargaining proposals for “Healthy Green Public Schools” include:

•  Create strategic plan for a Green, Clean, Free, and Healthy LAUSD, including but not limited to: conversion of buses, installation of solar panels, use of school land for collection of clean water, creation of schools as cooling zones, creation of schools as climate change/grid shut-down resiliency centers, and increased healthier food options
• Provide support for school/community gardens to feed students and families
• Shaded and appropriate play areas for all students
• Support of local struggles for environmental justice and equity
• Increase healthy food options for students and families that address food insecurity, nutrition, culture, and support of environmentally sustainable and worker-friendly food sources
• Expand green spaces and tree planting at schools
• An LAUSD audit on green practices, including energy use, carbon emissions, air quality, and water use

By staff - American Federation of Teachers, July 16, 2022

WHEREAS, climate change represents an urgent and accelerating crisis, as extreme weather, forest and wildfires, infectious disease outbreaks, rising sea levels, and pollution wreak havoc on the ecosystems and societies in the U.S. (where the cost of climate disasters doubled in 2020) and across the globe; and

WHEREAS, the climate crisis exacerbates already existing systemic injustices along racial, regional, social and economic lines, concentrating harm in frontline communities (including Indigenous communities, communities of color, migrant communities, deindustrialized communities, the poor, low-income workers, women, the elderly, the unhoused, people with disabilities and youth); and

WHEREAS, teachers, nurses, academic staff, public workers and higher education faculty have taken leadership in educating students on the climate emergency, in forging alliances with climate movements, and in promoting action to reduce carbon emissions, notably:

· In 2017, the American Federation of Teachers executive council resolved to “urge its locals, state federations and members’ retirement systems to … review strategies to mitigate the risk of climate change in their investment portfolios, including, … possible divestiture from other types of fossil fuel companies that contribute substantially to climate change. …”

· In 2017, the AFT executive council passed the “Resolution on a Just Transition to a Peaceful and Sustainable Society” (referred from the 2016 AFT national convention) and committed therein, “to a rapid transition from fossil fuels to renewable energy … [such that] most fossil fuels must be left in the ground.”

· In 2020, the AFT national convention resolved “that the American Federation of Teachers will fully participate in shaping the definition of ‘a just transition to a peaceful and sustainable economy,’ … in accord with the latest climate science regarding the need for very rapid reductions in greenhouse gas emissions;” and

WHEREAS, shareholder resolutions and even director votes at fossil fuel companies—as alternatives to divestment—have never resulted in significant change at coal, oil or gas companies nor led to a reduction in greenhouse gas emissions from those companies' products; and

WHEREAS, the fiduciary duty of retirement funds obligates them to consider divestment from declining assets or at high risk of being stranded, a category that Blackrock, Makeda and the World Bank now believe includes fossil fuels; and

WHEREAS, there are now more than 1,500 institutions with assets over $39 trillion that have committed to some form of fossil fuel divestment, including the following funds (many explicitly in order to reinvest in environmentally and socially responsible industries): 

· Teachers’ Retirement System of the City of New York; 

· New York State Common Retirement Fund and the Maine Public Employees’ Retirement System; 

· City of Boston’s and the City of Baltimore’s investment funds; 

· London Pensions Fund Authority;

· La Banque Postale of France;

· Caisse de Dépôt et Placement du Québec;

· Norway Sovereign Wealth Fund and the Vatican;

· The endowments of Harvard, Oxford, Rutgers and the University of California, among other institutions of higher education; and

WHEREAS, according to the Political Economy Research Institute at the University of Massachusetts, each $1 million reinvested from fossil fuels to green energy results in a net increase of five jobs—often unionized jobs in solar and wind farms or in other sectors suitable for organizing; and

WHEREAS, Illinois’ Climate and Equitable Jobs Act of 2021 and the federal Build Back Better bill provide models for reinvestment in local, green jobs; and

WHEREAS, AFT members participate in public and private pension plans totaling roughly $5.8 trillion (of which an estimated $255 billion is invested in fossil fuel corporations) and, therefore, possess significant financial means to address the climate crisis and promote a just transition for workers and communities:

RESOLVED, that the American Federation of Teachers will urge boards managing the retirement funds of its members to divest their assets—in consultation with all members and their local unions—from all corporations or other entities that extract, transport, trade or otherwise contribute to the production of coal, oil and gas—and to reinvest those funds in projects that benefit displaced workers and frontline communities in the state or region of the given AFT members; and

RESOLVED, that the AFT will urge the board of TIAA to divest the retirement funds of higher education members—in consultation with their local unions—from all corporations or other entities that extract, transport, trade or otherwise contribute to the production of coal, oil and gas—and to reinvest those funds in socially responsible, climate-positive projects that benefit displaced workers and frontline communities; and

RESOLVED, that AFT’s Climate Justice Task Force members and chair(s) shall convene quarterly or more frequently (beginning with the third quarter of 2022) to (1) assist in the implementation of this resolution, (2) identify means by which AFT may divest its own assets from fossil fuel corporations and reinvest them in workers and communities, and (3) promote all of AFT’s other work toward climate justice.

By Nick Cunningham - DeSmog, June 28, 2022

The California legislature was close to passing a bill that would require the state’s two massive pension funds to divest from fossil fuels, but on June 21 the legislation was killed by one Democratic assemblyman who has accepted tens of thousands of dollars in campaign contributions from the energy industry.

Senate Bill 1173 would have required the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS), the two largest public pension funds in the country, to divest from fossil fuels. CalPERS and CalSTRS, which manage pensions for state employees and teachers, together hold more than $9 billion in fossil fuel investments.

The global divestment movement now claims that more than 1,500 institutions have divested from fossil fuels, representing more than $40 trillion in value. New York and Maine have also committed to phasing out fossil fuel investments from their public pensions.

But because of the size of the two California pension funds, their divestment from fossil fuels would be a significant achievement for the global movement. The call comes as the state continues to suffer from long-term drought and catastrophic wildfires that are worsening with climate change. Activists say that the state cannot claim to be a leader on climate action while maintaining billions of dollars’ worth of investments in the fossil fuel industry.

Senate Bill 1173 would have required the pension funds to divest by 2027, and the legislation had the support of the California Faculty Association, the California Federation of Teachers, associations representing higher education faculty, and roughly 150 environmental and activist organizations. 

However, the American Legislative Exchange Council (ALEC), a corporate-backed front group with ties to the oil industry, opposed the bill, warning that divesting from fossil fuels would put public sector pensions in financial jeopardy.

The bill already passed the state senate, and still needed to pass in the state assembly, where Democrats command a large majority. But the bill needed to move through the Committee on Public Employment and Retirement, where Democrat Jim Cooper (Sacramento) is Chairman. 

On June 21, Cooper decided to let the bill die in committee, refusing to even bring it up for a hearing. Environmental groups denounced the “one-man veto.” Cooper has accepted more than $36,000 from the oil industry and other polluters over the past two years, including donations from Chevron and ExxonMobil, according to data compiled by Sierra Club, which called him a “Democratic favorite of the oil and gas industry.” 

“Jim Cooper just decided to continue investing public money in the unequal suffering of my community,” said Lizbeth Ibarra, an activist with Youth vs. Apocalypse, a California-based climate justice organization.

By Brett Wilkins - Common Dreams, June 21, 2022

"This defeat is just a temporary setback," said one campaigner. "We will organize to come back stronger to make our demand for fossil fuel divestment heard because fossil fuel companies are driving us toward unimaginable disaster."

Climate, environmental, and social justice advocates on Tuesday condemned the decision by a Democratic California lawmaker to kill proposed legislation that would require two of the state's leading pension funds to divest from the fossil fuel industry. 

"Today amidst a historic mega-drought, wildfires, and fossil-fueled public health crises, Assemblymember Jim Cooper, Chair of the Assembly Committee on Public Employment and Retirement, refused to allow Senate Bill 1173, California's Fossil Fuel Divestment Act, to be heard in his committee," Fossil Free California said in a statement. "This one-man veto allows the state's pensions to continue to invest billions from public funds into the fossil fuel industry, for now."

S.B. 1173 would have prohibited the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS)—the two largest public pension funds in the United States—from making or renewing investments in fossil fuel companies. The measure would also have required the pensions to liquidate their fossil fuel holdings by 2030. The two funds currently hold an estimated $9 billion in fossil fuel investments.

"This decision is a moral failure that disproportionately impacts young people, Indigenous communities, communities of color, and low-income communities," the coalition asserted. "Climate chaos has already cost California billions in damages and health costs from fossil fuel pollution and climate disasters. Jim Cooper, who has just been elected Sacramento County Sheriff, has reported $36,350 in Big Oil campaign contributions from this election season alone."

State Sen. Lena Gonzalez (D-33) said in a statement that "while I am deeply disappointed that my Senate Bill 1173 was not set for a hearing in the Assembly Committee on Public Employment and Retirement this week, I remain committed to the necessary and ongoing fight against the impacts of climate change on our state, and especially those communities in my district that are disproportionately impacted by the negative effects of the climate crisis."

"Teachers and state employees whose retirement futures are invested by our state's pension funds have long demanded that CalPERS and CalSTRS cease investing their money in fossil fuel companies, and this demand will only grow stronger and louder," she continued.

By Sharon Kelly - DeSmog, June 16, 2022

CalPERS says it needs to hold onto billions in fossil fuel shares in order to push polluters in the right direction – but a new report details a pattern of voting against climate proposals.

Does engaging with oil and gas giants by remaining invested in them – keeping a “seat at the table” – help in the fight against climate change? 

A new report suggests not very much – at least judging by the record of the California Public Employees’ Retirement System (CalPERS).

The report by environmental group Fossil Free California takes the public pension fund to task for its results to date, highlighting its history of pushing “the importance of corporate engagement on climate change” in public statements, while simultaneously voting against climate measures in shareholder meetings.

The report details dozens of votes against climate measures by CalPERS this year — including votes against greenhouse gas reduction targets at Royal Dutch Shell, against reporting and reducing greenhouse gas emissions at BP, and against pushing big banks to get in line with international “net zero by 2050” strategies.

In fact, CalPERS has voted against every climate resolution at major American and Canadian banks so far this year, the report claims.

The report also casts doubt on one of the biggest accomplishments of CalPERS’ engagement strategy – the election of several new members to ExxonMobil’s board of directors last year, nominated by the activist investment firm Engine No. 1. The report faults Engine No. 1’s directors for voting against two recent proposals to set greenhouse gas targets that would account for the pollution caused by the fossil fuels ExxonMobil sells, and to produce a report on low-carbon business plans.

“Despite their best efforts, CalPERS and [California’s other major pension fund] CalSTRS have failed to persuade fossil fuel companies to reduce their greenhouse gas emissions, increase their renewable energy production, or transition from fossil fuels to renewable energy,” the report concludes. “By opposing climate proposals at the very companies they claim to influence, the funds’ shareholder activism is not only ineffective – it’s undermining climate action.” 

California lawmakers are currently considering a bill that would spur these pension funds, which invest retirement funds for state employees – including many, like the state’s firefighters, who are today on the front lines of the climate crisis – to drop their investments in fossil fuel producers.

The fund has an estimated $7.4 billion worth of fossil fuel investments that the bill would require them to shed. In April, its board voted to oppose that law, arguing that it would lose its “seat at the table,” only to be replaced by investors that “may not have the same interest in long-term sustainability as CalPERS”..

CalPERS declined comment on Fossil Free California’s new report.

By staff - Fossil Free California, June 2022

As the impacts of climate change begin to wreak havoc on our bisophere, the fossil fuel divestment movement has gained remarkable momentum. Globally, 1,500 institutions representing over $40 trillion in assets have already committed to some level of divestment from the fossil fuel industry.

Despite over a decade of pressure from their members, the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) continue to invest billions in the fossil fuel industry on behalf of their beneficiaries. Studies have shown that if CalPERS and CalSTRS had divested from fossil fuels in 2010, they would have generated an estimated additional $17.4 billion in returns by 2019.23 So why do California’s public pension funds remain invested in the fossil fuel industry?

CalPERS and CalSTRS claim they are engaging with the fossil fuel industry as stakeholders to mitigate climate change by affecting the conduct of oil, gas, and coal companies. However, a review of their 2022 proxy votes reveals that their shareholder engagement efforts are not only ineffective—they’re undermining climate action.

Download a copy of this publication here (PDF).

By various - American Federation of Teachers, May 31, 2022

Presidents of United Auto Workers and American Federation of Teachers rally members to call on state and local governments to procure union-built electric school buses.

By Autumn Guillotte, Erica Hammond, Mike Roles, Priscilla De La Cruz, and Justin Kelly - Labor Vision RI, January 25, 2022

By Elizabeth Perry - Work and Climate Change Report, November 11, 2021

 “Canadian pensions are retiring fossil fuel investments” (Corporate Knights magazine, November 9) strikes a hopeful note about the state of Canada’s pension funds, stating: “Canadian pension portfolio exposures to fossil fuel stocks are down to a 10th of what they were 10 years ago, notwithstanding some controversial private equity investments.” The article summarizes analysis from the Canadian Pensions Dashboard for Responsible Investing, a new project of The Natural Step Canada, Smart Prosperity Institute, and Corporate Knights. That full report is a unique overview of sustainability performance, and employs measures such carbon footprint of the portfolio, presence of net-zero targets, the pay link to Environmental Standards (ESG), support for shareholder environmental resolutions, and more.

Another related Corporate Knights article describes youth-driven campaigns which have challenged pension plans to acknowledge and adjust to climate risk. “How young people are using climate litigation to fight for their future” focuses on youth activism targeting pension funds. It describes a years-long challenge to the Retail Employees Superannuation Trust (REST) in Australia, which ultimately ended in the pension fund settling a lawsuit out of court by acknowledging that “climate change is a material, direct and current financial risk” that could “lead to catastrophic economic and social consequences.” The fund also agreed to be more proactive and “ensure that investment managers take active steps to consider, measure and manage financial risks posed by climate change and other relevant ESG risks.” A second example describes the current activist campaign calling for the Ontario Teachers’ Pension Plan (OTPP) to phase out all current fossil fuel investments by 2025 and completely decarbonize its portfolio by 2030. Retired teachers and high school students have mobilized in Toronto, under the leadership of Shift Action for Pension Wealth and Planet Health (Shift), which is organizing similar campaigns at the ten largest Canadian pension funds. In September 2021, the Ontario Teachers Pension Plan Board announced  “industry-leading targets to reduce portfolio carbon emissions intensity by 45% by 2025 and two-thirds (67%) by 2030, compared to its 2019 baseline. These emission reduction targets cover all the Fund’s real assets, private natural resources, equity and corporate credit holdings across public and private markets, including external managers.” The WCR has more detail here .

Relevant to all pension management: new research published in Nature Energy and summarized in The Guardian with this headline: “Half world’s fossil fuel assets could become worthless by 2036 in net zero transition” .