Colorado's pension fund for state retirees would have gained an additional $1.7 billion in value if it hadn't invested in fossil fuels, Corporate Knights reported, translating to a loss of nearly $3,000 per member. The California State Teachers' Retirement System, California Public Employees' Retirement System and Colorado's PERA have collectively lost $19bn over the past 10 years from investments in the fossil fuel industry, according to Corporate Knights. It said Colorado's pension fund for state retirees had losses equal to $3,000 per member. In a statement, Exxon said: "We are disappointed that this report is being used by some states as an excuse not to take action on climate change. Managed assets vowing to divest rose 22,000% to $11.5tn from $52bn between 2014 and 2019.
The California State Teachers' Retirement System, California Public Employees' Retirement System and Colorado's PERA have collectively lost $19bn over the past 10 years from investments in the fossil fuel industry, according to Corporate Knights. It said Colorado's pension fund for state retirees had losses equal to $3,000 per member. In a statement, Exxon said: "We are disappointed that this report is being used by some states as an excuse not to take action on climate change. Managed assets vowing to divest rose 22,000% to $11.5tn from $52bn between 2014 and 2019.