Today, we’re teaming up with the rest of the 350 WA network to launch a new report: Making Washingtonians’ Money Matter – how our state pension is failing on climate.
In the report, we analyze how the $192 billion WA state pension fund voted on critical climate-related shareholder resolutions at banks, fossil fuel companies, and utility companies last year. Unfortunately, the findings aren’t pretty.
In 2022, our state pension fund…
- Opposed a series of shareholder resolutions that would have pushed banks to take the actions required to limit global warming to 1.5°C
- Opposed an anti-greenwashing resolution at JPMorgan Chase
- Opposed a resolution at ExxonMobil that called on the company to create a plan for reducing its dependence on fossil fuels
These votes run counter to the values of the vast majority of the 550,000 public employees and retirees the pension fund represents, and are a breach of the pension fund’s fiduciary duty, as they mean that the state pension is failing to protect its members’ savings from climate-related financial risk.
With the annual shareholder meetings of the world’s largest funders of fossil fuels ― Wells Fargo, Bank of America, Citigroup and JPMorgan Chase ― right around the corner, we need our state pension fund to do better.
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350 Seattle is an independent local affiliate of the global 350.org. We are not legally or financially connected to 350.org. We’re funded by supporters like you! Click here to make a donation today.
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