The Sierra Club released an analysis of public data from Urgewald showing that fossil fuel debt is still woven through the portfolios of 40 U.S. public pension funds. The findings indicate that these funds collectively hold billions of dollars in fossil fuel bonds, a form of exposure that often receives less attention than direct stock holdings.
The analysis draws only on publicly available bondholding data, which the report notes are incomplete. Because many pension systems do not fully disclose their fixed-income positions, the Sierra Club says the actual level of fossil fuel debt is likely higher than what the data show.
No specific dollar figure or fund-by-fund breakdown was provided in the source. The report's significance lies in highlighting a gap: even as some pensions divest from fossil fuel equities, their bond holdings may continue to finance the same companies.