Bill > H2811

This bill mandates the creation of a Climate Risk Investment Review Committee within the state treasurer's office to assess and mitigate climate-related financial risks in public pension investments. The committee, composed of 12 voting members from various government agencies and with expertise in climate science, finance, and divestment, will be responsible for studying and reviewing investments in "climate risk investments" - which include fossil fuel and other carbon-producing industries that potentially harm the global climate. The committee must develop a plan within 180 days to sell, redeem, or divest from these investments, with a goal of completely divesting from such holdings by January 1, 2026. The bill requires the committee to file annual reports detailing recommendations for divestment and strategies to limit negative economic impacts. Additionally, the bill prohibits the Pension Reserves Investment Management (PRIM) Board from approving new fossil fuel or climate risk investments and mandates that other state agency pension funds also review and potentially divest from similar investments. The underlying rationale is to protect pension beneficiaries and taxpayers from potential financial risks associated with investments in industries contributing to climate change, while aligning investment strategies with the commonwealth's climate goals.

Labor and Employment

https://malegislature.gov/Bills/194/H2811