Oregon Passes Climate Resilience Act for $101B Public Retirement Fund

Oregon is on the verge of enacting House Bill 2081A, the Climate Resilience Investment Act, which aims to transition the state's $101 billion Oregon Public Employee Retirement Fund (OPERF) towards clean energy investments and achieve carbon neutrality within 25 years. The legislation mandates reducing investments in carbon-emitting industries by 60% by 2035 and reaching net-zero emissions by 2050, while emphasizing that it is a clean energy investment law rather than a fossil fuel divestment mandate. Supported by bipartisan lawmakers and labor unions, the bill requires the Oregon State Treasury to report regularly to the legislature on its progress and ensures fiduciary responsibility to pensioners by aligning investments with global clean energy market trends. Treasurer Elizabeth Steiner highlighted that the act enables the Treasury to capitalize on the opportunities presented by the clean energy transition, protecting both environmental and financial interests. This initiative positions Oregon as a leader in climate-positive state investment legislation, safeguarding public employee retirement funds from potential long-term losses linked to fossil fuel investments. The bill awaits Governor Tina Kotek's approval to become law, solidifying a commitment to sustainable investment strategies for public pensions.