A New Report from Corporate Knights Shows a $2.7B Loss as a Result of Not Divesting from Fossil Fuels
January 23, 2023
The Fossil Free CO PERA Coalition is supporting the announcement of the official release of a new report by Corporate Knights that finds that Colorado’s pension fund, PERA, is valued at $2.7 billion less than it would have been had it divested from fossil fuels a decade ago. This represents an opportunity cost of over $4,100 per PERA member! This new study also predicts that, if PERA continues to invest in fossil fuels for the next decade, they could lose an additional $6.4 billion. A similar study conducted in 2019 found that PERA had lost $1.7 billion by not divesting from fossil fuels – this new study demonstrates that losses have jumped by a whole $1 billion, just in the last three years.
This report underlines what we’ve been saying all along: not only are fossil fuels bad for our planet, they are also bad for investors. Click here to read the full report.
We also have some exciting PERA-related action alerts during the 2023 Legislative session.
Join us on Wednesday, 1/25 at 1:30pm to testify in support of SB23-016, which, among many things, would require PERA to publish a climate risk assessment for their investments and align their shareholder votes with a fossil-free future! If you are a PERA member or know anyone who is a PERA member, your voice is especially powerful on this issue! Click here for a bill factsheet and instructions to testify.
Here are some other ways you can take action:
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Share the Corporate Knights Report using this promotional toolkit
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Sign and share the Fossil Free PERA Petition, demanding that PERA acknowledge the climate risks of their fossil fuel investments and divest from fossil fuels.
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PERA has 4 board seats currently up for election. If you are eligible and interested in applying, the PERA board needs climate champions who will amplify the call for fossil fuel divestment! Applications are being accepted through March 1st. Learn more here.
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Join the Fossil Free PERA committee to receive PERA-specific action alerts and updates!