LETTER OF SUPPORT, FOSSIL FREE CALIFORNIA AND ENVIRONMENT CALIFORNIA, SB 964

The Center for International Environmental Law (CIEL) issued a letter of support for recommendations by Fossil Free California and Environment California regarding climate risk disclosure under SB 964. CIEL urges the boards of CalPERS and CalSTRS to implement robust, detailed financial disclosures to demonstrate that their investment decisions regarding climate-vulnerable assets are consistent with their fiduciary duties to beneficiaries.

• CIEL argues that detailed and specific disclosure of a fund's exposure to climate-related risk is necessary to satisfy the intent of SB 964, protect the interests of beneficiaries concerned about financial risk, and provide a model for other investor fiduciaries.
• The document asserts that the quality and process of disclosure serve as evidence of a trustee's prudent exercise of fiduciary duty, specifically their duty of care and loyalty to current and future beneficiaries.
• CIEL recommends that disclosures under SB 964 explicitly explain the reasoning for retaining assets exposed to material climate-related financial risk, including those in coal, oil, gas, and climate-vulnerable real estate or infrastructure in wildfire zones or coastal areas.
• CIEL advocates for disclosures that align investment decision-making with the goals of the Paris Agreement and California's own climate policy goals.

APA

Center for International Environmental Law (2019). LETTER OF SUPPORT, FOSSIL FREE CALIFORNIA AND ENVIRONMENT CALIFORNIA, SB 964. https://www.ciel.org/wp-content/uploads/2019/06/CIEL__SB964_06.20.2019.pdf

Chicago

Center for International Environmental Law. LETTER OF SUPPORT, FOSSIL FREE CALIFORNIA AND ENVIRONMENT CALIFORNIA, SB 964. 2019. https://www.ciel.org/wp-content/uploads/2019/06/CIEL__SB964_06.20.2019.pdf.

Wikipedia

{{cite press release |author=Center for International Environmental Law |title=LETTER OF SUPPORT, FOSSIL FREE CALIFORNIA AND ENVIRONMENT CALIFORNIA, SB 964 |date=25 June 2019 |url=https://www.ciel.org/wp-content/uploads/2019/06/CIEL__SB964_06.20.2019.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{centerforinternationalenvironmentallaw2019letter, author = {{Center for International Environmental Law}}, title = {{LETTER OF SUPPORT, FOSSIL FREE CALIFORNIA AND ENVIRONMENT CALIFORNIA, SB 964}}, publisher = {Center for International Environmental Law}, year = {2019}, month = jun, url = {https://www.ciel.org/wp-content/uploads/2019/06/CIEL__SB964_06.20.2019.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }