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California’s divestment bill, which sought to stop the state’s public pension and teachers’ retirement funds from investing in the largest fossil fuel companies, failed in the Legislature for the second year in a row. The bill, SB 252, was blocked by Assemblymember Tina McKinnor, who wanted to learn more about the potential impact on pensioners. Supporters of divestment aim to delegitimize fossil fuel companies as political players and accelerate the transition to clean energy. California’s pension funds currently have an estimated $14.8 billion invested in fossil fuel companies.

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