California Pension Fund Labels Chevron and Saudi Aramco as Climate Investments (financialpost.com)
- Reference: 0176674365
- News link: https://news.slashdot.org/story/25/03/11/1436211/california-pension-fund-labels-chevron-and-saudi-aramco-as-climate-investments
- Source link: https://financialpost.com/pmn/business-pmn/california-pension-fund-labels-chevron-and-saudi-aramco-as-climate-investments
> Stakes in Saudi Aramco, Chevron Corp. and Chinese coal company Inner Mongolia Dian Tou Energy are among the holdings that California Public Employees' Retirement System labeled as "climate solutions." The findings are part of a report from California Common Good, a coalition of environmental advocates and public sector unions. The group, which has called for Calpers to divest from major oil and gas companies, is staging protests Tuesday at Chevron's San Francisco Bay Area refinery and in the burn zone of the Eaton fire near Los Angeles.
[1] https://financialpost.com/pmn/business-pmn/california-pension-fund-labels-chevron-and-saudi-aramco-as-climate-investments
Um, what? (Score:3)
> The findings are part of a report from California Common Good, a coalition of environmental advocates and public sector unions. The group, which has called for Calpers to divest from major oil and gas companies, is staging protests Tuesday at Chevron's San Francisco Bay Area refinery and in the burn zone of the Eaton fire near Los Angeles.
Why aren't they protesting at Calpers HQ? What good is protesting at the refinery going to do? Obviously Calpers knows who they're investing in. It's not like someone snuck it in on a line item. Is the "public unions" advocate afraid to cross the public union's pension plan directly?
Jingle bells jingle bells ... (Score:1)
... greenwashing all the waaaaayyyyy.
So they kind of are (Score:3)
One way or another our electric grid and energy system and transportation systems are going to switch to electricity. The oil companies aren't trying to stop it they're trying to slow it down long enough that they can make sure they stay in control of energy production.
Basically they want to make sure they have the time to take control and ownership of all the wind and solar farms and nuclear power plants. So it's not that they're trying to stop the transition they're trying to slow it down and control it. And frankly control you because if somebody can control your access to something as fundamental as electricity They pretty much control you
Re: (Score:3)
> Basically they want to make sure they have the time to take control and ownership of all the wind and solar farms and nuclear power plants.
That is a talking point from 5 years ago. They had a taste of this, and the flavour was described as "low return on investment". 5 years ago your post reflected the state of the oil industry. In the past year though the last major oil companies have all but divested their holdings in major wind and solar projects. Both Shell an bp in the past few months took billions in writedowns on wind projects, have abandoned expressions of interest or actual projects underway, and have announced planned outright divest
Re: So they kind of are (Score:2)
Talking about talking points... basically most evee country not bogged down by legal suits is going more greeen. I think China is basicallyone of the few not because the probably is capacity not an acceptance of the problem. You admit oil and coal invested in green energy. That's the article, nothing more... it's fucking clickbait
Re: (Score:2)
> The oil companies aren't trying to stop it they're trying to slow it down long enough that they can make sure they stay in control of energy production.
Tell me you know nothing about the way the oil industry (or really any publicly traded company for that matter) works without telling me.
Green promises, black present, bleak future (Score:2)
I remember the "pizza is a vegetable" joke, and I was laughing back then. There's no common sense, only business sense, and accountability is heavily optional, and quickly ignored at the slightest association to reduced value. Corruption up high and indifference down below is not news, but now it's out in the open, unbounded and accelerating.
As long as oil is profitable... (Score:2)
...investors will buy oil stocks.
Caring about the climate is a luxury that investors can't afford
Re: (Score:3)
That's fine, but then own that decision and justify it rather than lying about it in your investment portfolio. Right now what they are doing is actually considered fraud.
You're thinking too narrow (Score:2)
They ARE climate solutions. The solution destroys the climate and everyone on the planet, but that is certainly one solution to climate change. You are just being picky and wanting a good solution.
ESG (Score:2)
This is what ESG is actually about. People selling investments needed a way to label their product as "good" so they created a composite score ("Environment, Social, Governance") and then fund managers had a way to filter companies with a score of at least X. The thing is that you can score high in the "S" component by just making some HR policies and putting some official quotes on your website, where scoring high in the "E" component requires massive expenditures to actually reduce emissions. Except th
Any Chance of Seeing Source Info? (Score:2)
This is an article from the Financial Post which is re-posted from Bloomberg (https://www.bloomberg.com/news/articles/2025-03-11/calpers-labels-chevron-saudi-aramco-as-climate-investments). That's fine because Bloomberg is paywalled, but it still doesn't link to the organization that wrote the report (California Common Good), the report itself, CalPERS, or the investment report from CalPERS. Here's what I've been able to find:
* Bloomberg Article: [1]https://www.bloomberg.com/news... [bloomberg.com]
* Report Author Group: [2]https [cacommongood.com]
[1] https://www.bloomberg.com/news/articles/2025-03-11/calpers-labels-chevron-saudi-aramco-as-climate-investments
[2] https://www.cacommongood.com/vision-for-california
Re: (Score:2)
Wasn't Chevron the company that invested in NiMH battery tech and then used the patents to suppress that from any chance of being used in cars? (keep in mind that back then nobody knew the limitations.)
I wouldn't want a penny in anything from big oil. They won't transition until the last drop is burned.
Picks Nose, Eats Bugers (Score:2)
One guy picks his nose and eats his buggers. Another guy picks his nose, uses gritty fingernails to tear the bugger in half, eats half, wipes the other half on the bottom of his shoe.
California says the second guy is better to invest in.
Re: (Score:2)
> One guy picks his nose and eats his buggers. Another guy picks his nose, uses gritty fingernails to tear the bugger in half, eats half, wipes the other half on the bottom of his shoe.
> California says the second guy is better to invest in.
Because any of that is how we should select investments... I swear it's like we're trying so goddamn hard to morally posture that we forget what the actual point is.