350 Chicago is proud to announce the launch of the Climate Safe Pensions Illinois website! Developed to support the State Fossil Fuel Divestment Campaign in Illinois, the website will provide information regarding the fiscal case for divesting the state of Illinois’ five major pension funds from fossil fuel assets.

350 Chicago has partnered with Third Act Illinois and Climate Reality Project Chicago to form the Climate Safe Pensions Illinois Coalition to advance the policy of fossil fuel divestment in Illinois. We have added a total of 16 endorsing organizations including the Illinois Environmental Council and Indivisible Illinois to the coalition. We will continue to increase the number of endorsing organizations over the coming months.

Legislation to codify divestment into law was introduced in the state’s General Assembly during the 2023/24 legislative session to not only divest the pension funds from fossil fuels but to also provide transparency about current investments for pensioners and taxpayers alike. An updated

Fossil fuel divestment will accomplish several strategic goals in the state of Illinois, including saving pensioners and taxpayers from shortfalls in the pensions due to the necessary transition to a clean energy economy due to climate change. As fossil fuel investments become worth less during the transition, pensioners would lose retirement income while Illinois taxpayers would be called upon to make up the shortfall. Divestment would safeguard pensions from future losses by removing the funds from fossil fuel assets and reinvesting in more profitable sectors of the economy.

Furthermore, fossil fuel divestment would harmonize with the state of Illinois’ policy goals of creating a clean energy economy as expressed in the Climate and Equitable Jobs Act passed in 2021 and signed into law by Governor J.B. Pritzker. Currently, the state of Illinois is heavily investing in the clean energy economy while simultaneously investing over $3.5 billion in fossil fuel assets through the pension funds. The state of Illinois must resolve the contradiction by divesting from fossil fuels and continuing to allocate funding towards clean and healthy buildings, clean and equitable transportation and a clean and reliable electrical grid designed for energy sources such as wind, solar and energy storage.

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In Solidarity,

Team 350 Chicago