Sunday, May 28, 2023

Report: Oregon invests $ 5.3 billion in fossil fuels

Salem, Ore ( Associated Press) – Oregon State Treasury has invested at least $ 5.3 billion in fossil fuels, a coalition of environmental groups said Wednesday, condemning the state for global warming and urging evacuation.

Oregon is considered a “green” state by being the first state to reduce greenhouse gas emissions by state agencies and stop using coal. However, Divorce Oregon reports that the state treasury is investing more than $ 1 billion in the coal industry..

“The state exposes Oregon residents to climate and health risks, economic costs, and financial losses,” the group said.

Oregon has invested more than $ 5.3 billion in oil, gas, and coal companies – the world’s leading producers of global warming. This is because the numbers that Devest Oregon received from the treasury in public records do not include private equity investments.

The Treasury Department did not immediately respond to a request for comment. A spokesman for the agency was arrested during a meeting of the Oregon Investment Council on Wednesday.

Read Oregon Treasurer Tobias, a member of the House of Representatives, is running for re-election in November. One of its forums is to fight climate change.

“As a government, I will lead the way in carbon dioxide-free economics and to avoid this catastrophic crisis,” he said in a recent campaign statement. “I bring a new sense of urgency to build a clean energy economy and to build the critical infrastructure needed to meet the challenges we face.”

However, Tobias, the agency that manages $ 130 billion from the state’s investment portfolio, including the Public Employees Pension Fund, is too proactive to invest in fossil fuels and instead has to do more behind the scenes by eliminating those investments.

Fossil fuels have a worse performance than fossil fuels, the report said.

The findings of the report show that pre-fossil fuels investments are worth more than $ 1.8 billion. Released in December, it has invested in the industry. That report, in the case of the Climate Safety Pension Network, found that the findings were based solely on partial data released by the treasury “due to non-disclosure of pension funds” and that the actual amount may be large.

The Oregon House of Representatives passed a bill to increase transparency in public treasury investments. But at the end of a brief session of the legislature, he died in the Senate.

One of the sponsors of that measure was Senator Jeff GoldenIf he wins re-election this year, he will make another effort in the 2023 season.

“If I return to Salem the next session, I will work to advance the discussion. Announcing public investment in public dollars seems like the least we can all expect.

Combustion of fossil fuels, such as coal and gas, releases gases that contribute to global warming and climate change. Oregon is suffering from climate change, with extreme heat last summer killing more than 100 people, causing severe drought and wildfires.

“Oregon has a green economy, a historic commitment to renewable energy, agriculture and natural resources,” the environmental group said in a new report. “Building on this legacy and moving the country forward requires the courageous leadership of every government agency, including the transfer of the Oregon State treasury.”

Meanwhile, more states are taking steps to abduct.

A.D. On February 9, New York State Superintendent Thomas Danapoli announced that the Commonwealth Pension Fund would restrict investment in 21 shell oil and gas companies as they failed to show readiness to transition to a low-carbon economy.

“As market forces and new policies drive energy transitions, we must balance our investments with a lucrative and dynamic future,” Danapoli said. “Shell’s oil and gas industry faces many challenges to its financial performance.

The oil and gas industry, including oil and gas companies, could be affected by climate change and the transition to a emerging net zero economy, the Danapoli office said.

In this session, the Maryland Legislature passed a law requiring a faithful government pension system to take into account the systemic risks that climate change could pose to system assets.

In a letter to the state legislature on April 8, Maryland State Governor Larry Hogan stated that despite her decision not to oppose the law, “politicians are still concerned about the integrity of the Maryland State pension system.” Although the Law was “well thought out,” he wrote: “It does not belong to man who is walking even to direct his step.” Instead of microfinishing our government pension system, elected officials should allow our investment experts and professionals to do their best.

Devast Oregon is a state-wide coalition of individuals and organizations representing unions, racial and climate justice groups, youth leaders, and faith communities.

The report was developed in collaboration with Stand Earth,, the Private Equity Project, the local Oregon, Oregon Ecumenical Ministries, and Oregon Physicians for Social Responsibility.


Brian Whit, secretary of the Associated Press in Anapolis, Maryland, contributed to this report.


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