An Act authorizing independent retirement systems to divest from fossil fuel companies
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill would allow Massachusetts’ independent retirement systems, such as those for teachers and state employees, to divest their investments from fossil fuel companies. It aims to align these systems’ investments with environmental sustainability goals. The bill seeks to give these systems greater control over their investment portfolios and reduce their exposure to the risks associated with the fossil fuel industry. This legislation builds upon previous efforts to address climate change through investment policy.
Key provisions
- Allows independent retirement systems to divest from fossil fuel companies.
- Applies to systems like those for teachers and state employees.
- Supports aligning investments with environmental sustainability.
- Does not restrict investment returns.
- Authorizes a process for systems to make divestment decisions.
Who is affected
- Massachusetts independent retirement systems
- Teachers
- State employees
- Investment managers of these systems
- Fossil fuel companies
Notable changes
- Represents a shift in investment policy for state retirement systems.
- Aligns with broader efforts to reduce carbon emissions.
- Provides a mechanism for systems to reduce exposure to fossil fuel risks.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Cosponsors
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