State fossil fuel divestment H.2220

State fossil fuel divestment H.2220

Filed by Rep. Marjorie Decker and Rep. Mindy Domb, and joined by 29 co-sponsors, H.2220 would push for divestment of state-controlled pension funds from the fossil fuel industry.

This bill affects the Pension Reserves Investment Trust (PRIT), funds controlled by the Pension Reserves Investment Management Board (PRIM) and the assets of local retirement systems under control of PRIM. It would require that those funds divest from thermal coal companies and then explore divesting from other fossil fuel companies.

A special commission will consult with financial and environmental experts and develop recommendations on how to divest from fossil fuel companies, as well as analyze the impact divestment will have on the state’s pension funds.

As the energy sector continues to underperform compared to all other sectors of the economy, this bill is essential to protect the pensions of state employees. It also would send a powerful message about Massachusetts’ willingness to confront the climate crisis by recognizing that the extraction and burning of fossil fuels cannot continue if we are to have any hope of putting the brakes on global warming.