On Oct. 8, 2015, California Governor Jerry Brown signed Senate Bill 185 into law, requiring the state's two public pension funds, CalPERS and CalSTRS, to divest their investments in companies that derived at least 50 percent of revenues from thermal coal.

On Jan. 25, 2016, California's Insurance Commissioner Dave Jones also urged insurance companies operating in the state to wind down their investments in thermal coal.

Under the proposal, insurers doing business in California with written premiums over $100 million nationwide were asked to divest in any company that generated 30 percent or more of its revenue from the ownership, exploration, mining, or refinement of thermal coal.

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Public disclosure

Although this "Climate Risk Carbon Initiative" doesn't carry a monetary penalty and is strictly voluntary, insurance companies' choice to comply (or not) will be publicly disclosed.

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