One bill, introduced by Sen. Lena Gonzales, would require California's state pension funds to divest from fossil fuels — the $456.6 billion California Public Employees' Retirement System and the $302.1 billion California State Teachers' Retirement System.
Ms. Gonzales' bill originally made waves in the California Legislature last year, but died after an Assembly member blocked it from being heard in his committee.
CalPERS CIO Nicole Musicco recently said at a stakeholder forum that if the pension fund divested from all its energy-related assets, the total would be $160 billion.
"I wouldn't feel great delivering to my members the message that for the purpose of feeling good about not engaging but divesting, that we would be willing to forgo $160 billion of assets," Ms. Musicco said.
However, CalPERS CEO Marcie Frost said the pension fund is advocating for more transparency on how the companies they invest in manage ESG-related risks.
Mr. Wiener's bill, reintroduced this session after it failed in the California Assembly last year, would require corporations operating in California that make at least $1 billion in annual revenue to disclose their greenhouse gas emissions. Another bill, introduced by Sen. Henry Stern, would require corporations operating in California that earn more than $500 million in annual revenue to prepare climate-related financial risk reports.