We can't afford the risk of fossil fuels

07/10/2014 9:07 AM

07/11/2014 8:23 AM

Re "CalPERS should pull money from fossil fuels industry" (Viewpoints, July 10): I applaud the opinion piece by Bay Area mayors calling for CalPERS to pull its investments from fossil fuels.

We're staring down the barrel of climate change: more destructive and frequent wildfires, severe water shortages, sea level rise destroying our beaches, wetlands and shorefront homes and businesses.

Simultaneously, our state's huge public pension fund, CalPERS, is deeply invested in the largest cause of climate change: fossil fuels. This is not only a logical and moral disconnect, but represents a growing risk to the financial security of our state employees' retirement.

Scientists tell us we'll need to leave more than three quarters of known fossil fuel reserves in the ground to solve the climate crisis.

To avoid our employees' retirements going bust in a carbon bubble, CalPERS should begin planning immediately for an orderly and prudent divestment from fossil fuels.

-- Masada Disenhouse, La Mesa

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