CalPERS won't say what climate companies it invests in. The pension also holds positions in fossil fuel, airlines, plastics manufacturing and technology.
By Allie Lindstrom and Jakob Evans • December 18, 2025
Gov. Gavin Newsom attracted national news coverage thanks to Proposition 50 before jetting to Brazil for a climate conference President Donald Trump avoided.
A hurried law this year that expands oil drilling demonstrated how industry dollars and misleading information can convince California lawmakers to reverse climate progress.
An El Segundo refinery fire has renewed questions about who is investigating the state’s oil industry after serious accidents. With the U.S. Chemical Safety Board defunded, California has yet to fill the gap.
For the refinery workers being laid off — most of whom lack a college degree — it’s unlikely they’ll find another job that pays as well, despite recent efforts by the state to help.