Bill > S198

Introduced Session

This bill, would prohibit the Director of the Division of Investment (director) from investing any assets of the State retirement funds in any of the top 200 companies that hold the largest carbon content fossil fuel reserves. Under the bill, divestment from coal companies would be required to be completed within two years, and from all other fossil fuel companies within one year. The director would be authorized to cease divestment or reinvest in previously divested companies if the director demonstrates that, as a direct result of the divestment, the State retirement funds have or will become equal to or less than 99.5 percent of their hypothetical value had no divestment occurred. Finally, the bill would require the State Investment Council and the director to report on the divestment efforts required by the bill within 120 days of the bill's effective date, and annually thereafter.

Committee Categories

Raj Mukherji (D)*,  Bob Smith (D)*,  Renee Burgess (D),  Joe Cryan (D),  Patrick Diegnan (D),  Vin Gopal (D),  Gordon Johnson (D),  Teresa Ruiz (D),  Brian Stack (D),  Shirley Turner (D),  Joe Vitale (D),  Andrew Zwicker (D), 

Referred to Senate Budget and Appropriations Committee (on 03/04/2024)

Official Document