HB2200 puts state pension at risk with eco-mandates

House Bill 2200 will require the Oregon State Treasure to prioritize green projects and divest in investment and projects based on carbon emissions.

By Taxpayers Association of Oregon
OregonWatchdog.com

House Bill (HB2200) will direct the state treasury to pursue investments not based on the project’s performance or revenue but prioritize the amount of carbon emissions the projects and investments create and pursue green and net zero projects and investments.  Right now some of America’s biggest investment firms (Blackrock, Vangaurd) and biggest banks (Citigroup, BofA and Morgan Stanley) are pulling out of net-zero and similar deals. The Wall Street Journal calls it the “The Net-Zero Banking Retreat” because firms are losing money on these narrow eco-pledges.

Should Oregon dive into a risky money-losing venture when the State’s Public Employee Retirement System (PERS) is over $20 billion in debt?

The House Bill (HB2200) summary reads, “Directs the Oregon Investment Council and the State Treasurer to take certain actions to reduce the carbon intensity of state investments and address certain investment risks relating to climate change. Directs the State Treasurer to report on the carbon intensity of certain investments.”

The bill is at the request of  State Tresurer Tobias Reed.

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