DeSaulnier Urges CalPERS, CalSTRS, and Public Retirement Funds to Divest from Vehicle Companies that Fail to Meet California’s Environmental Standards Following Trump Roll Back
Washington, D.C. – Today, Congressman Mark DeSaulnier (CA-11) heightened his call for a national boycott of any vehicle company that fails to meet the standards established by the California Air Resources Board (CARB), which preceeded Obama Administration rules, on greenhouse gas and fuel efficiency, and urged the California Public Employees’ Retirement System (CalPERS), the California State Teachers’ Retirement System (CalSTRS), and other California public retirement funds to divest from any car company that participates in a roll back of environmental standards. The call comes in response to the Trump Administration’s announcement that it will undermine Obama Administration standards on vehicle efficiency.
“Our current fuel economy standards are on track to reduce America’s oil dependence by more than 2 million barrels a day, save $1.7 trillion in fuel costs, and effectively eliminate the impact of 59 million vehicles from the road by 2030. Rolling back these environmental standards will be devastating to our environment and our public health. In addition to a national boycott, I am calling on CalPERS, CalSTRS, and other public retirement funds, which invest billions of dollars and should be upholding social responsibility and sustainability goals when building retirement security for public employees, to divest from any car company that takes advantage of the Trump Administration’s vehicle emissions roll back,” said Congressman Mark DeSaulnier.
As the nation’s leading agency in establishing standards for greenhouse gas emissions for motor vehicles, CARB is protecting the public from the harmful effects of air pollution and is fighting climate change. It, as well as the Obama Administration, has shown that environmental standards and car companies can co-exist. In fact, California and the 12 states that follow its higher standards account for one-third of the U.S. auto market.
On October 5, 2017, DeSaulnier sent a letter to Environmental Protection Agency Secretary Scott Pruitt to maintain and strengthen current standards. This past Friday, DeSaulnier called for a national boycott of any company that fails to meet the environmental standards set by CARB or the EPA and NHTSA under the Obama Administration. DeSaulnier, who served 10 years on the CARB, chaired both transportation committees in the state legislature, and is a current member of the U.S. House Transportation and Infrastructure Committee, has seen the impact of these laws on our health, our environment, and the safety of future generations.
An example of the letters DeSaulnier sent to the public pension funds can be found here.