This is really good news. It seems the only way things change is when money is involved. The University of California is divesting its retirement funds from companies with fossil fuel holdings. Hopefully this becomes a real trend.
Here’s what UC recently had to say to their employees and retirees…
Effective June 30, 2022, companies that own fossil fuel reserves will be removed from the fund options in the UC Retirement Savings Program - 403(b), 457(b) and DC plans.
UC is making this change because the Chief Investment Officer to the Regents has determined that the long-term prospects of companies that own fossil fuel reserves no longer meet the financial criteria for inclusion in the fund offerings for the Retirement Savings Program. The removal of fossil fuel-related companies will reduce the long-term financial risks associated with fossil fuel reserves. This reduction in risk is consistent with the approach already implemented in the UC Pension, Endowment and Working Capital pools.
