A-list actors are turning their attention to Wall Street, and this time, the plot centers around the climate crisis. In a bold new campaign called Retire Big Oil, members of SAG-AFTRA are calling on their $5 billion pension fund to cut financial ties with fossil fuel companies. The campaign argues that continuing to invest in oil, gas, and coal is not only environmentally reckless, but a financial liability in a changing energy landscape.
Spearheaded by performers like Mark Ruffalo, Jane Fonda, Joaquin Phoenix, and Mark Hamill, the effort has quickly gained traction. An open letter demanding divestment from fossil fuels has already collected over 200 signatures, including names familiar to any theater, television, or film fan. At the center of it all is the SAG-Producers Pension Plan, which, according to campaigners, holds about $100 million in fossil fuel assets.
Supporters are calling for a total exit from oil, gas, coal, pipeline, and related holdings, alongside a commitment to reinvest at least 10 percent of the fund into socially responsible, climate-friendly alternatives over the next five years. They also want more transparency about where the money is going and a say in what happens next.
A Growing Chorus for Change
The campaign’s language is as vivid as any Hollywood monologue. “It’s 2025. Investing our union’s pension in fossil fuels is like betting on Blockbuster in a Netflix world,” said Mark Hamill. “It’s not just financially outdated, it’s environmentally dangerous and morally indefensible.”
Jane Fonda, a long-time activist and vocal supporter of divestment movements, echoed that sentiment, saying retirees’ savings shouldn’t be propping up the same industries contributing to a rapidly warming planet. “Our pensions should fund our future, not fuel the climate crisis,” she said.
These aren’t just emotional appeals. Advocates point to a broader global trend in which large pension funds, universities, and even insurance companies have begun moving billions out of fossil fuels. According to Stand.earth, over 1,600 institutions have now divested, representing more than $40 trillion in assets. Yet the arts and culture sector remains on the sidelines, accounting for only 0.2 percent of that figure.
That gap is one reason why this campaign is resonating. Supporters say the film and television industry, known for its progressive messaging, should be leading, not lagging, when it comes to aligning financial practices with climate values.
What’s the Risk in Standing Still?
Those backing divestment believe the financial case is just as strong as the moral one. Fossil fuel stocks have faced increasing volatility and underperformance compared to the broader market over the past decade. Long-term pension plans, which are supposed to deliver stable returns for decades, could be putting retirement security at risk by clinging to outdated sectors.
In the wake of global climate accords, national regulations, and rising competition from renewable energy, the fossil fuel industry is increasingly seen as a sunset sector. Critics of continued investment point to the risk of stranded assets, or investments that may be wiped out as the world transitions away from carbon-heavy energy sources.
Meanwhile, there’s growing pressure from union members themselves. The SAG-Producers Pension Plan, which currently serves around 65,000 beneficiaries, has faced internal calls for divestment in the past. This latest push is the most public, with a media campaign, social platforms, and even panels at climate conferences designed to ramp up visibility.
But not everyone is convinced. Skeptics argue that pension boards have a fiduciary responsibility to maximize returns, not to make political or ethical statements. And some worry that pivoting away from fossil fuels too quickly could expose the fund to unnecessary risk, especially if the clean energy sector hits turbulence.
Still, the campaign isn’t asking for an overnight overhaul. Its roadmap includes a five-year reinvestment window and clear calls for member consultation. Supporters say that’s a reasonable approach, especially for a fund managed on behalf of a community known for creativity, social influence, and leadership in public discourse.
Culture Meets Capital
In many ways, the Retire Big Oil campaign is about more than a pension plan. It reflects a broader reckoning within Hollywood about how money is managed, where influence is applied, and what kind of legacy the industry wants to leave behind.
The entertainment industry has long played a role in shaping public opinion. Climate change has appeared in scripts, documentaries, and acceptance speeches. But this campaign asks something different. It asks artists to look inward, at the mechanisms that quietly sustain their careers behind the scenes. For some, it’s a test of integrity. For others, it’s about aligning rhetoric with reality.
As the campaign continues to gain attention, the SAG-Producers Pension trustees will face pressure to explain their current investment positions and to justify them in light of both climate science and financial strategy. Organizers say they’re prepared for a long campaign and hope to bring in more union members, industry allies, and pension reform advocates along the way.
At a time when climate narratives are front and center, from blockbusters to award season red carpets, the idea that Hollywood’s own retirement fund might be investing in companies contributing to the crisis is, to many, untenable. For now, the story is still unfolding. But for the stars behind Retire Big Oil, the goal is simple: rewrite the ending.
