Maine has become the first US state to pass statewide legislation to divest from fossil fuels. LD 99, “An Act To Require the State To Dives

Maine becomes the first US state to divest from fossil fuels

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2021-06-19 06:30:03

Maine has become the first US state to pass statewide legislation to divest from fossil fuels. LD 99, “An Act To Require the State To Divest Itself of Assets Invested in the Fossil Fuel Industry,” was signed late Wednesday by Governor Janet Mills (D-ME). A divestment plan is now required by 2026.

The new law directs the $17 billion Maine Public Employee Retirement System to divest $1.3 billion from fossil fuels within five years and directs the Treasury to do the same with other state funds. 

The bill, sponsored by Representative Margaret O’Neil (D-Saco), received support from Maine state treasurer Henry Beck, environmental groups such as Sierra Club Maine and 350 Maine, and Maine Youth for Climate Justice.

The $17.6 billion Maine Public Employee Retirement System currently has more than $1.3 billion invested in fossil fuel companies, including dozens of publicly traded companies such as ExxonMobil and Chevron. About $850 million of the investments in oil and gas companies and utilities are through private equity investment funds.

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