To the editor: Having state pension funds divest from fossil fuel companies does nothing but inhibit investment managers' choices. (“Shame on California lawmakers for killing fossil fuel divestment bill again,” editorial, June 21)
If these stocks are sold, there will be many other investors willing to buy these companies. This will have no impact on the emissions emitted by this industry.
Cites the investment risk of these companies. However, there are numerous actions that are at least as risky; That is why it is necessary to diversify. The fact that oil and gas are declining industries does not necessarily mean that they are bad investments, as that news is already reflected in their stock prices.
The state could do something to reduce emissions, and that would be to implement congestion tolls. That would significantly reduce demand for gasoline, since cars stuck in traffic waste fuel. People would have more incentive to look for alternatives to driving alone. The money raised could be used to reduce the sales tax, which would benefit everyone.
Allen Wisniewski, Redondo Beach
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To the editor: Thank you for your editorial on Senate Bill 252, California's proposed legislation to divest from fossil fuels in our pension funds.
I am one of many retired educators who made phone calls and wrote emails urging my state representatives, as well as all members of the Assembly Public Employment and Retirement Committee, to pass this important legislation. I was very disappointed by Speaker Tina McKinnor's (D-Hawthorne) “poison pill” action that forced the author, Senator Lena Gonzalez (D-Long Beach), to withdraw the bill.
McKinnor’s proposed amendments were a slap in the face to the efforts Gonzalez and members of the SB 252 coalition have put into the divestment effort. They would slow down the divestment process and allow fossil fuel companies to avoid accountability and continue polluting low-income communities of color and worsen the climate crisis.
As extreme heat, bushfires, drought and flooding continue to affect the state, we must act urgently. Because we honestly care about the future of our children and grandchildren, we are not going to give up on this effort. We are more determined than ever to fight for oil and gas divestment from our pensions.
Marilyn Green, Malibu
