Hollywood heavyweights call on pension fund to divest fossil fuels

More than 200 actors have signed an open letter to the trustees of the SAG-Producers Pension Plan asking it to divest from fossil fuels and redirect the assets into responsible investments.

Members of the Screen Actors Guild and the American Federation of Television and Radio Artists (SAG-AFTRA) union have launched the Retire Big Oil campaign.

The campaign asks the US$5 billion ($7.7bn) SAG-Producers Pension Plan to phase out its coal, oil and gas holdings.

It notes that while many public and private pension funds the world over have committed to divestment, just 0.2% of current commitments are from cultural institutions. This includes from the Australian Academy of Science.

There are currently about 65,000 members in the SAG-AFTRA fund, however the union represents more than 160,000 workers.

The open letter has been signed by some of the biggest names in film and television, including Don Cheadle, Mark Ruffalo, Chelsea Handler, Danny DeVito, Joaquin Phoenix, Sally Field, Julianne Moore, Josh Brolin, Martin Sheen, and Jane Fonda. So far, some 207 signatures have been collected.

The SAG-Producers Pension Plan currently invests about US$100 million ($154m) in fossil fuel companies, the letter states.

The campaign is calling on the fund to divest from fossil fuel companies, including those involved in extraction, pipelines and other related services, and to reinvest at least 10% of assets into climate-safe, socially responsible investments over the next five years. It also calls for greater transparency around where the money is invested, and opportunities for member consultation in this regard.

"It's 2025. Investing our union's pension in fossil fuels is like betting on Blockbuster in a Netflix world. It's not just financially outdated; it's environmentally dangerous and morally indefensible," said actor Mark Hamill.

"We know a bad script when we see one, and continuing to bankroll fossil fuels is one story that's headed for a disastrous ending. It's time to change the narrative and invest in a future that's actually worth celebrating."

Retire Big Oil is a part of the Climate Safe Pensions Network.