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Dumping Oil Stocks Risks a Polluter ‘Rebellion,’ Calstrs Says

  • Transition to clean energy ‘can’t be a fight,’ CIO Ailman says
  • Pension fund had backed Engine No. 1’s proxy fight with Exxon

The world’s biggest polluters may engage in “rebellion” if investors sell their shares rather than work with them in the transition to cleaner energy, according to the second-biggest U.S. public pension fund.

The energy transition “can’t be a fight,” Christopher Ailman, chief investment officer of the California State Teachers’ Retirement System, said Wednesday during a panel discussion organized by Sacramento State University. “The more we make it a fight, the more we’re going to see a rebellion on the other side.”