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Bill McKibben: Being carbon-foolish cost CalPERS and CalSTRS $5 billion

Bill McKibben: Being carbon-foolish cost CalPERS and CalSTRS $5 billion

First they ignore you, then they laugh at you, and then they lose a truckload of money. For three years now, a fossil fuel divestment campaign has been gaining traction around the world. Those that have begun selling their fossil fuel holdings include France's largest insurance company, Oxford University and the nearly $900-billion Norwegian sovereign wealth fund. Many California institutions have joined in, including Stanford University, Pitzer College, San Francisco State University, De Anza Community College — even the Santa Clara Valley Water District, which serves Silicon Valley. But the really big money in California — the pension funds CalPERS and CalSTRS...

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