We believe that the climate-related financial risks to fossil fuel companies and those who invest in them are real, and that divestment serves the longterm interest of pension funds' members and beneficiaries.

CalPERS and CalSTRS don't talk about financial risk to oil and gas investments. They insist that shareholder engagement will convince fossil fuel companies to stop mining, processing, and selling materials and products that cause global warming. But without a credible threat of divestment by the largest investors, these companies have no reason to change their ways...and the risks will remain.