Chicago Public School Teachers' Pension & Retirement Fund plans to divest from fossil fuels by the end of 2027.
The $11.5 billion pension fund's board at its Oct. 20 meeting approved a new resolution seeking to engage with fossil fuel companies to encourage them toward paths of renewable energy, as well as commit to divesting from fossil fuel companies by Dec. 31, 2027, said Fernando Vinzons, chief investment officer, in an email.
As of June 30, the pension fund held $383 million (or 4.5% of its total assets as of that date) in coal, oil and gas-related publicly traded debt and equity investments, according to a memo included with Oct. 20 board meeting materials.
In the email, Mr. Vinzons said the December 2027 divestment date is subject to availability, and that the board's resolution was "all in compliance with our mission to provide, protect, and enhance the present and future economic well-being of members, pensioners, and beneficiaries."
Pension fund investment staff and investment consultant Callan have been working toward a strategy on fossil fuel divestment since the board voted for a study of the possibility in October 2021. The pension fund's investment committee voted at its Aug. 23 meeting to recommended the divestment timeline.
