Report: Oregon has US$5.3 billion invested in fossil fuel companies

SALEM, Ore. –

An alliance of environmental groups estimates that at least US$5.3B has been invested by the Oregon State Treasury in fossil fuel companies. saidIn a Wednesday report, the state was blamed for global warming and called for divestment.

Oregon is a green state because it has set a goal to reduce greenhouse gas emissions and was the first state to cease using coal-fired energy. The state treasury works at cross-purposes, with more than US$1B invested in the coal sector alone. Divest Oregon saidIn its report.

The group has made investments that “expose Oregonians to climate, health risks, economic cost, and financial losses”. said.

Oregon’s investment in oil, gas, and coal companies is likely to be much higher than US$5.3billion. These products are the leading cause of global warming. The reason is that the numbers Divest Oregon obtained via a public records inquiry from the state Treasury do not include private equity investments. These are not public disclosures.

Amy Bates, spokeswoman for the department, said that the treasury is open to “continued dialog with Oregonians about the best ways to address climate change and ensure that we meet our mandate of producing sustainable returns to beneficiaries.” said.

Bates said, “We’re committed towards a portfolio that reflects both the realities of changing climates and changing policy environments while earning money to support tens of thousands Oregonians’ retirement security.” said.

Tobias Read, Oregon State Treasurer, is running for the Democratic nomination to Governor in the November elections. His platform is to combat climate change.

“As governor of California, I will lead the effort decarbonizing our economy and avoiding the worst effects of this crisis,” he stated. saidIn a recent campaign statement. “I will bring a renewed feeling of urgency to build a clean energy economy, and the critical infrastructure necessary to meet the challenges that we face.”

Tobias’ agency manages US$140billion of the state’s investments portfolio. This includes the state employees pension fund. However, Tobias should not be investing in fossil fuels. Instead, he should sell those investments and invest more in green energy. said.

The report also shows that fossil fuel investments perform worse than those made with non-fossil-fuel alternatives. said.

The report’s findings on investments in fossil fuel sectors are much higher than the US$1.8billion that a December previous study revealed. saidThe industry was funded. This report was prepared by Climate Safe Pensions Network. saidIt was based on partial data that had been released by the Treasury “due to delays by the pension fund in disclosing” but the actual amount is likely to be much higher.

The Oregon House of Representatives approved a bill in March that would have allowed for greater transparency regarding the investments of the state treasury. The Senate rejected the bill before it was put to a vote on the floor.

Senator Jeff Golden, one the sponsors of this measure, saidIf he is reelected this year, he will try again in the 2023 session.

Golden said, “If you’re back in Salem the next session, we’ll work together to advance divestment discussions.” said. “Full disclosure to the public of all investments made with public money seems like the minimum we should expect.”

The emissions from fossil fuels, such as coal and natural gas, are major contributors to global warming and climate changes. Oregon is currently suffering from the effects of climate changes. Last summer saw a record breaking heat wave that killed over 100 people. There was also a severe drought in large parts of Oregon, which has worsened wildfires.

“Oregon has an environmentally-friendly economy. This is grounded in renewable energy and agriculture. There is also a historical commitment for protecting our natural spaces.” The environmental groups saidIn the new report. “Building upon this legacy and leading America forward requires bold leadership of every governmental organization, including, critically, the divestment by Oregon State Treasury.”

In the meantime, more states are moving towards divestment.

The State Common Retirement Fund has announced, on Feb. 9, that it will not invest in 21 shale oil- and gas-producing firms that have not shown that they are ready for the transition into a low-carbon economy.

DiNapoli: “As market forces drive the energy transition we must align our investment with a profitable, dynamic future.” said. “The future of the shale oil-and-gas industry is facing many obstacles that could pose financial risks.

DiNapoli’s office stated that the oil and gas industry, which includes shale oil companies, could be the most affected by climate change. said.

Maryland lawmakers have passed a bill in this session that requires a fiduciary for the State Retirement and Pension System (SRPS) to evaluate the systemic risk of climate change affecting the system’s assets.

Maryland Gov. Larry Hogan said that although he didn’t veto it, he still has serious concerns about politicians interfering the Maryland State Retirement and Pension System’s fiduciary obligations. He said that the legislation was “well-intentioned” but it “creates an slippery slope.” Instead of micromanaging, he suggested that elected officials should let our investment professionals and professionals do what they do best.

Divest Oregon is an Oregon grassroots coalition that represents unions, youth leaders, climate justice groups, faith communities, and racial/climate justice organizations.

The report was prepared in partnership by 350.org and Stand.Earth.

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Brian Witte, an Associated Press reporter from Annapolis, Maryland contributed to this report.