California’s public pension plans would not be allowed to make new investments in coal companies under a bill in the California Legislature. They would also be required to liquidate any current investments.
Democratic Senator Kevin de Leon wrote the measure. It passed an Assembly committee Wednesday. De Leon says coal is a leading cause of global warming. And, it just isn’t a good investment anymore.
"In fact, according to The Economist, which is a right to center publication, the market value of America’s four largest coal companies have fallen 95 percent in the last five years," says de Leon.
The California Public Employees' Retirement System has between $100 and $200 million invested in coal companies. The California State Teachers' Retirement System has about $40 million invested.
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