WHEREAS the climate crisis is a severe threat to current and future generations and the Intergovernmental Panel on Climate Change (IPCC) Fourth Assessment Report found that global warming is already causing costly disruption of human and natural systems throughout the world including the melting of Arctic ice, the ocean’s rise, increase in ocean’s acidity, flooding and drought; and
WHEREAS, Almost every government in the world has agreed through the 2009 Copenhagen Accord that any warming above a 2°C (3.6°F) rise would be hazardous, and that if humans pour only about 565 more gigatons of carbon dioxide into the atmosphere this limit will be not possible to maintain; and
WHEREAS, For the purposes of this resolution, a “fossil fuel company” shall be defined as any of the 200 publicly traded companies with the largest coal, oil, and gas reserves as measured by the gigatons of carbon dioxide that would be emitted if those reserves were extracted and burned, as listed in Fossil Free Indexes’ “The Carbon Underground 200” report (http://fossilfreeindexes.com/research/the-carbon-underground/), as updated; and
THEREFORE, BE IT RESOLVED that the California Democratic Party calls upon the University of California and California State University endowments, and the University of California Retirement Plan, the California Public Employees’ Retirement System (CALPERS), and the California State Teachers’ Retirement System (CALSTRS) institutional pension funds, to immediately stop new investments in fossil fuel companies, to take steps to divest all holdings from the top 200 fossil fuel companies as determined by the Carbon Underground list within five years, and to release periodic updates to the public, detailing progress made toward full divestment; and
BE IT FURTHER RESOLVED that the San Diego Democratic Party send a copy of this resolution to the Governor of the State of California, the Board of Regents of the University of California, the Chancellor of the California State University system, members of the state Senate and state Assembly representing San Diego County, and the Resolutions Committee of the California Democratic Party, asking support for institutional divestment from fossil fuels and for this resolution.