The California Assembly has passed SB 185, SB 32 and SB 350 will be voted on in the next few days.
California passes bill forcing biggest pension funds to divest from coal
California lawmakers passed a bill on Wednesday requiring the state’s two largest pension plans to divest their holdings in thermal coal as part of a push this legislative session to address climate change.
“Coal is the fuel of the past and it’s no longer a wise investment for our pensioners,” said assemblyman Rob Bonta, who presented the bill before the assembly, in a statement. “I’m pleased that my colleagues agree: it’s time to move on from this dirty energy source.”
SB 185, also called “Investing with Values and Responsibility”, passed the state assembly by a vote of 43-27, mostly along party lines with some Democrats abstaining. It will now head to the governor’s desk to be signed into law – Governor Jerry Brown has expressed strong support for the climate change package and will probably formalize the bill in coming days.