To the editor: Having state pension funds divest from fossil fuel companies accomplishes nothing other than inhibiting choices for investment managers. (“Shame on California lawmakers for killing fossil fuel divestment bill again,” editorial, June 21)
If these stocks are sold, there are numerous other investors willing to purchase these companies. This will have no impact on the emissions emitted by this industry.
You cite the investment risk of these companies. However, there are numerous stocks that are at least as risky — that is why you diversify. Just because oil and gas are declining industries does not necessarily imply these will be bad investments, as that news is already reflected in their stock price.
The state could do something to reduce emissions, and that would be to implement congestion tolls. That would significantly reduce the demand for gasoline, since fuel is wasted by cars stuck in traffic. People would have more of an incentive to seek alternatives rather than 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, the proposed California legislation to divest from fossil fuels in our pension funds.
I am one of the many retired educators who made phone calls and wrote emails urging my state representatives as well as all the members of the Assembly’s Committee on Public Employment and Retirement to pass this important legislation. I was extremely disappointed in Chairwoman Tina McKinnor’s (D-Hawthorne) “poison pill” action that forced the author, Sen. Lena Gonzalez (D-Long Beach), to pull the bill.
McKinnor’s proposed amendments were a slap in the face to the efforts that Gonzalez and SB 252 coalition members have put into the divestment effort. They would slow down the divestment process and allow fossil fuel companies to evade accountability and continue to pollute low-income communities of color and worsen the climate crisis.
As extreme heat, wildfires, drought and flooding continue to plague the state, we need to act urgently. Because we honestly care about the future for our children and grandchildren, we are not giving up this effort. We are more determined than ever to fight for divestment from oil and gas in our pensions.
Marilyn Green, Malibu
