Investing wisely in fossil fuels
07/10/2014 5:07 PM
07/11/2014 8:23 AM
Re "CalPERS should pull money from fossil fuels industry" (Viewpoints, July 10): While we applaud you three for bringing to our attention what effect fossil fuels have on climate change, you are unfortunately missing the point. The real issue is not the existence of fossil fuels but our dependence on it. Economics 101: supply and demand.
Your refusal to invest in fossil fuel companies is not going to change the reduction of greenhouse emissions. CalPERS is looking to maximize their investment portfolio by attempting to receive the highest yield possible for their members. It may be time for you to look toward CalPERS and their investment portfolio to aid you in getting your respective city out of its financial doldrums. Then work on the real issue: dependence, not your perceived issue.
As mayor of a city your goal is to act in the best interests for the city and its residents: not pushing your personal agenda and what is best for you.
-- Martin Mangione, Sacramento
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