Oregon is taking a proactive step in safeguarding its investments against the environmental and economic fallout of climate change. Recently, the Oregon House passed HB 2081A, which was received with celebratory applause from State Treasurer Elizabeth Steiner. Steiner praised the bipartisan effort behind the bill, which commits the Treasury to actively monitor and manage the potential risks that investments in greenhouse gas-emitting businesses may have on the performance of the Oregon Public Employees Retirement Fund (PERS). The house vote landed at 36-18, showing a cross-party collaboration with 2 Republican members throwing their support behind the bill.
In her statement, Steiner highlighted, "The bipartisan passage of HB 2081A marks an important step for the retirement security of Oregon’s public employees – and the wellbeing of everyone in Oregon." She asserts that the shifting climate is forcing markets to adapt, and these adaptations aren't just about minimizing losses but also seizing on the growth of green energy. According to the Oregon State Treasury news release, it's not solely about protecting returns, but it's also about leveraging the burgeoning opportunities presented by a world pivoting towards sustainability.
The grounding of HB 2081A in a forward-thinking perspective is made evident by the commendation Steiner expressed for legislators of both parties who approved the bill. This legislative move is also about collaboration beyond political aisles, involving labor leaders who helped shape the bill, lending their voice for its passage. Steiner shared her gratitude to legislators and the labor leaders, stating, "who worked with Treasury to shape HB 2081A and voiced the strong support of their members – many of whom are PERS beneficiaries – for its passage." The mentioned labor leaders assert their belief in the importance of this bill for the overall fiscal health of the state's retirement system, as well as its environmental implications.
