California Senate passes bill requiring CalPERS, CalSTRS to divest from coal

The California Senate voted 22-14 in favor of legislation calling on both CalPERS and CalSTRS to divest from investments in coal companies.

The bill, introduced by Senate President Pro Tem Kevin de Leon, requires the $304.1 billion California Public Employees' Retirement System, Sacramento, and $193.1 billion California State Teachers' Retirement System, West Sacramento, to liquidate holdings in thermal coal companies by July 1, 2017, if officials cannot conclude the companies are transitioning their business to cleaner energy generation.

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