CalPERS Board: Exit Exxon!
Take 1 minute to demand that CalPERS put a moratorium on new Exxon Bonds in this key moment.
Currently, Exxon is soliciting new bond purchasers for a bond that matures in 2074 - that means that anyone who buys this bond is loaning ExxonMobil money until 2074! CalPERS frequently buys fossil fuel bonds like this, but recently has been publicly pushing back on ExxonMobil for suing their shareholders for climate resolutions leading to public back and forth between the US' largest pension and the fossil fuel giant.
Background Info:
ExxonMobil is arguably the most heinous of all the fossil fuel companies, expanding its fossil fuel production and suing its own shareholders for putting forth sustainability proposals. CalPERS has already started taking steps against ExxonMobil, but these steps have not been assertive enough for ExxonMobil to meaningfully change anything. It is time to remind the CalPERS Board that ExxonMobil is beholden to us as pension holders and investors, and not the other way around. It is time to Exit Exxon.
Why Exxon & Why Now?
In a vote of no confidence last May at Exxon’s annual general meeting, the CalPERS Board voted against all twelve sitting board members of Exxon after the corporation filed a lawsuit against its own shareholders. While the vote was a slap on the wrist for Exxon as it continues to destroy communities, this action was significant for the CalPERS Board because it shows they are open to reconsidering their investments.
Why Just Bonds?
In January, Exxon is issuing a new set of bonds that mature in 2074 - FAR too late. 2074 not only is far to late for the climate, but it is well outside CalPERS' own net zero by 2050 goals.
By demanding CalPERS put a moratorium on new Exxon bonds, we're demanding that they align their bond investment policy with their own climate goals while demonstrating that fossil fuels are not part of a climate safe or net zero future. This is a powerful step for further conversation on climate safe investment with CalPERS in the future - one that we as beneficiaries, union members, environmental organizations, and Californians are all watching.