This report examines the simulated impact of the divestment from fossil-fuel holdings of the Colorado Public Employees’ Retirement Association (ColPERA) on total returns over the 10-year period from November 23, 2012, to November 22, 2022. The report finds that had ColPERA divested of its fossil-fuel stocks that earned at least 10% of revenue from thermal coal-, oil- and gas-related activities, it would have returned an additional 21.9% ($2.7 billion in value; all figures in U.S. dollars), representing an estimated lost value of $4,184 per benefit recipient and member. Had ColPERA divested of its fossil-fuel stocks that earned at least 50% of revenue from thermal coal-, oil- and gas-related activities, it would have earned an additional 21.7% ($2.7 billion), which represents $4,130 of lost value per benefit recipient and member. Under the third scenario, where ColPERA divested of all its fossil-fuel-related stocks, it would have earned an extra 21.8% or $2.7 billion; this represents a lost value of $4,161 per benefit recipient and member.
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