The California Public Employees’ Retirement System is almost entirely out of coal, according to an update on its compliance with a 2015 law that compelled it and the California State Teachers’ Retirement System to divest from coal by July 1, 2017. Coal stocks were a drag on CalPERS when the Legislature passed its divestment law, worth only about 10 to 50 percent of what it paid for them. The pension fund said in its report that it divested shares from 14 coal companies that were worth $14.7 million when the pension fund sold them. In 2015, CalPERS had stock in 24 coal companies that was worth about $83 million. CalPERS kept a stake in three coal companies, worth $11.2 million, that persuaded the pension fund that they were moving into different kinds of energy production. CalPERS has a portfolio worth about $323 billion.
– via the Sacramento Bee