Bill > HR120

This Resolution urges the Employees' Retirement System (ERS), Hawaii's pension fund for state employees, to collaborate with a qualified investment consulting firm to produce a report for the State Legislature. This report will analyze the financial performance of the ERS's investments in fossil fuels (coal, oil, and gas companies) over the past one, three, and five years, detailing any losses or gains. The analysis will also compare this performance to what the portfolio might have achieved if those fossil fuel investments had been reallocated to other sectors. This action is prompted by Hawaii's commitment to sustainability and renewable energy, concerns about the impact of global warming on the state, and the growing global trend of laws and regulations that could negatively affect the value of fossil fuel companies, as evidenced by past financial losses in similar investments by other large pension funds.