By Doug Porter
You would think that losing $5 billion in pension fund investments in fossil fuel companies in 2014 would cause the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) to change course.
But Republican reaction to passage of SB 185, also called “Investing with Values and Responsibility,” beginning an eighteen month process to disinvest in any holdings of thermal coal is quite the opposite.
Assemblyman James Gallagher, R-Yuba City decried the measure, saying, “We need to make (investment) decisions based on good, sound financial decisions, not based on emotions.”
So there you have it. Global climate change is simply an emotional issue. [Read more…]