Calpers pension to sell $3 billion of real-estate portfolio

(Bloomberg) — California lawmakers Wednesday approved legislation requiring state pensions to divest their coal holdings, sending the measure to Governor Jerry Brown for his signature.

The California Public Employees’ Retirement System, the largest U.S. pension, and California State Teachers’ Retirement System would be banned from investing in thermal coal companies, according to the measure the Assembly approved. The bill, offered by Senate President Pro Tem Kevin de Leon, passed the Senate in June.

“Coal is losing value quickly and investing in coal is a losing proposition for our retirees,” de Leon said in a statement. “It’s a nuisance to public health and it’s inconsistent with our values as a state on the forefront of efforts to address global climate change.”