Bill > H2504

This bill requires the review of climate risk in public pension fund investments in order to protect public pension beneficiaries and taxpayers. The key provisions are: 1. It establishes a Climate Risk Investment Review Committee within the Office of the Treasurer to study and review the risks associated with climate-related investments made by the Pension Reserves Investment Management (PRIM) Board, and provide recommendations to mitigate those risks through the decarbonization of the pension portfolio. 2. It prohibits the PRIM Board from approving or ratifying any fossil fuel investments or other climate risk investments, as defined in the bill. 3. It mandates the PRIM Board to identify, sell, redeem, divest or withdraw from climate risk investments by January 1, 2026, with some exceptions for actively managed investment funds. 4. It requires other state agency and authority pension funds, as well as local pension funds not subject to Chapter 32, to review their climate risk investments and divest from those deemed to have a negative impact on the state's climate goals. 5. It allows non-Chapter 32 pension funds to access information and reports from the Climate Risk Investment Review Committee to aid in their divestment decisions.