Oregon State Treasurer Elizabeth Steiner is pushing for the passage of House Bill 2200-1 to defend the Oregon Public Employee Retirement Fund (OPERF) against threats posed by climate change to its investments. Testifying before the House Committee on Emergency Management, General Government, and Veterans, Steiner highlighted the pressing need to shield Oregonians' financial security from the volatility of carbon-emitting businesses as the global economy shifts toward cleaner forms of energy. As reported by the State of Oregon newsroom, Steiner outlined that extreme weather events caused by climate change increasingly disrupt lives and businesses, necessitating protective measures.
In her testimony, captured live on the Committee's website and detailed in her statement on the Oregon Newsroom, Treasurer Steiner explained the critical amendments of HB 2200-1. The bill calls for aligning climate-positive investment strategies with fiduciary duties, preferential treatment for investments that can curb climate risk, biennial science-based reporting to the Legislature, and recognition of climate change urgency as a key driver for profitable climate-positive investments.
Building upon a foundation laid by her predecessor, who released a pathway plan to reach net zero emissions in the OPERF by 2050, Steiner reiterated her commitment to this target in her testimony. Citing data, she pointed out that investments in fossil fuels made up approximately 3.7% of the $93.8 billion OPERF portfolio in 2021. Since then, OPERF has increased its stake in energy transition infrastructure by 20% from 2016, reflecting proactive steps toward reducing climate-related investment risks.
The importance of adjusting investment strategies in line with the latest climate science is not lost on the Oregon Treasury, which has taken substantial steps to fulfill its duty as a custodian of the public fund while tackling climate perils. As stated by Elizabeth Steiner in her Oregon Newsroom interview, "Climate change threatens the long-term performance of OPERF, which is why Treasury set the Net Zero goal."
