Letters to the Editor: I’m on a state pension, and I want California to ditch its fossil fuel investments
To the editor: Having taught in a public community college for many years, I have benefited from investments made by the California State Teachers’ Retirement System. And for many years I have written to urge divestment from the fossil fuel industry, to no avail. (“CalPERS must ditch fossil fuel investments. Its new ‘sustainable’ plan doesn’t do that,†editorial, Dec. 3)
It is irresponsible to delay divesting as climate change endangers human health. If legislation will accomplish what the board members for CalSTRS and the California Public Employees’ Retirement System have failed to accomplish, I hope that comes sooner rather than later.
Otherwise, these pension funds will “continue to fuel a worsening climate catastrophe,†as your editorial says.
Lenore Navarro Dowling, Los Angeles
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To the editor: If CalPERS ditches its fossil fuel investments, there will be no impact on the environment. All that will change is the mix of shareholders.
This would establish a bad precedent. Should CalPERS also divest its holdings in transportation, utilities and many manufacturing companies, which also contribute to climate change?
Are the people who believe that fossil fuel investments are overly risky financial experts? Many investors, including Warren Buffett, think otherwise. Limiting investment choices creates more risk to a portfolio.
The government does have a role to play in lowering emissions through its regulatory and taxation policies. A good place to start would be implementing congestion tolls, which would lower emissions with less traffic, and the proceeds could be used to reduce other taxes.
Allen Wisniewski, Redondo Beach
