Musicians Against Climate Chaos protests CalPERS' investments in fossil fuel corporations

A dedicated and creative group of climate activists from Third Act Sacramento gathered in front of the CalPERS building in Sacramento on May 6 to demand that CalPERS and CalSTRS stop funding climate change by investing in fossil fuel companies. The theme today was "Music Against Climate Chaos."

We began the protest with comments by each activist on why they were there and then we transitioned to singing a couple of my songs, "No More Oil Stocks" and "Big Oil Blues."

Then Tarane, a classical music quartet made up of longtime activists Doug McPherson, Goli Sahba, Janice Nakashima and Harry Wang. performed some beautiful pieces.

In addition, Goli Sahba, Third Act Sacramento facilitator, led us in an array of chants while drumming.

"We need to wake up the CalPERS board, staff and employees that we are in a climate emergency and that they should not be funding any more fossil fuel extraction," said Sahba. "They are complicit in the climate disasters like the LA fires that are estimated to cost over $250 billion."

"We need @capsscientists and other CalPERS Unions to join us in these weekly protests on #CalPERSTuesdays, 12-1 pm, at 400 Q Street to wake up the board and divest from fossil fuels before they become stranded assets!" she urged.

How much do CalPERS and CalSTRS have invested in fossil fuels? According to Fossil Free California, CalPERS held $9.4 billion and CalSTRS held $5.4 billion (as of 2021). CalPERS’ and CalSTRS’ total fund sizes are $469 billion and $327 billion, respectively, so fossil fuels make up less than 2% of total investments: https://fossilfreeca.org/financial-101-what-does-divestment-mean/ 

Despite the claims of California politicians that the state government is "green" and "progressive," the reality on the ground is much different. As CalPERS continues to invest in fossil fuel companies, Big Oil has been spending unprecedented amounts of money to stop the passage of the Polluters Pay Climate Superfund Act and other climate legislation.

Chevron and the Western States Petroleum Association are the top two spenders on lobbying in Sacramento - and exert enormous influence over state officials.

The oil industry spent a record total of $38 million in lobbying expenses in California in 2024, shattering by 31 percent the annual state lobbying record of $26.2 million set in 2017, to thwart climate justice and other environmental legislation.

The Western States Petroleum Association placed first in the Big Oil lobbying spending spree with $17.4 million, while Chevron came in second with $14.2 million.

Spending by the Western States Petroleum Association and Chevron alone shattered the previous record, coming in at $31.6 million in 2024. WSPA and Chevron accounted for 83% of the industry’s expenditure, according to an analysis by the Last Chance Alliance.

But the oil industry not only spent record amounts of money lobbying California officials in 2023 and 2024. It also sponsored dinners and journalism awards receptions for journalists and the media.

Big Oil is spending millions of dollars on lobbying again this year, In the first quarter of 2025, the oil and gas industry spent a total of $9,139,655 to lobby against the Climate Superfund Act and other bills, according to disclosures on the California Secretary of State's website. Again the majority of that money was spent by Chevron and WSPA.

This time around Chevron topped the list of all corporations and organizations lobbying in Sacramento with $3,758,914 spent, while the Western States Petroleum Association came in second with $3,471,879 spent.

This massive influx of Big Oil lobbying money - and the investment in fossil fuel corporations by CalPERS and CalSTRS - has increasing relevance in light of the recent study by Dartmouth College revealing that the world’s biggest corporations have caused $28 trillion in climate damage.

“A Dartmouth College research team came up with the estimated pollution caused by 111 companies, with more than half of the total dollar figure coming from 10 fossil fuel providers: Saudi Aramco, Gazprom, Chevron, ExxonMobil, BP, Shell, National Iranian Oil Co., Pemex, Coal India and the British Coal Corporation,” according to Seth Borenstein in phys.org.

“Emissions linked to Chevron, the highest-emitting investor-owned company in our data, for example, very likely caused between US $791 billion and $3.6 trillion in heat-related losses over the period 1991–2020, disproportionately harming the tropical regions least culpable for warming,” according to the abstract of the study, "Carbon majors and the scientific case for climate liability," published in Nature.

Here are the words to the No More Oil Stocks" song (To the tune of Oh Freedom), followed by the "Big Oil Blues."

No More Oil Stocks (Key of E)
There’ll be no more oil stocks, there’ll be no more oil stocks, there’ll be no more oil stocks over me
And before I finally rest, CalPERS Board must divest
I will fight for a fund fossil free

There’ll be no more Chevron, there’ll be no more Chevron, there’ll be no more Chevron over me
And before I finally rest, CALPERS Board must divest
I will fight for a fund fossil free

There'll be no more genocide, there'll be no more genocide, there'll be no more genocide over me
And before I finally rest, CALPERS Board must divert
I will fight for a fund fossil free

There’ll be no more Exxon, there’ll be no more Exxon, there’ll be no more Exxon over me
And before I finally rest, CalPERs Board must divest
I will fight for a fund fossil free

There’ll be no more WSPA, there’ll be no more WSPA, there’ll be no more WSPA over me
And before I finally rest, CalPERS Board must divest
I will fight for a fund fossil free

There’ll be no more greenwashing over me, there’ll be no more greenwashing. there’ll be no more greenwashing over me
And before I finally rest, CalPERS Board must divest
I will fight for a fund fossil free

Big Oil Blues (Key of Em)
Chorus:
We got the Big Oil Blues (3x)
Got to shut them down or everyone's gonna lose

Earth’s heating up now and we all know why (2x)
Fossil fuels keep on warming up our sky

In our “green” state oil wells keep on pumping on (2x)
Day and night, from the sunset to the dawn

Chorus:
We got the Big Oil Blues (3x)
Got to shut them down or everyone's gonna lose

Politicians take many millions from Big Oil (2x)
That’s why oil waste is stinking up the soil.

Offshore wells keep drilling off our seas (2x)
Where leaks and spills kills birds and fish species

Chorus:
We got the Big Oil Blues (3x)
Got to shut them down or everyone’s gonna lose

Fish are dying now on our rivers and our bays (2x)
There’s new algae blooms and fish kills every day

As profits soar by billions every year (2x)
Oil honchos don’t care if millions die in fear

Chorus:
We got the Big Oil Blues (3x)
Got to shut them down or everyone's gonna lose

Finally we passed a setbacks bill (2x)
But carbon capture was Big Oil’s poison pill

As we keep broiling in the record heat (2x)
Got to fight for the earth that lies beneath our feet!

Chorus:
We got the Big Oil Blues (3x)
Got to shut them down or everyone's gonna lose

#makepolluterspay #climatecrisis #climateart #climateaction #climatestrike #climatejustice #climateemergency