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 state employees and teachers, 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 action follows similar proposals and studies in the state legislature.
Key provisions
- Allows independent retirement systems to divest from fossil fuel companies.
- Applies to state-sponsored retirement systems.
- Does not restrict investments in renewable energy or other sustainable alternatives.
- Authorizes a study order (H5312) to examine the potential impacts of divestment.
- Follows the precedent of similar legislation (S.1861, H.2640, H.2515).
Who is affected
- Massachusetts independent retirement systems
- State employees and teachers
- Investors in those systems
- Fossil fuel companies
Notable changes
- Represents a shift towards prioritizing environmental considerations in state investment policies.
- Builds upon previous legislative efforts and studies related to divestment.
- Does not mandate a specific timeline for divestment.
Bill text
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Sponsors
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3 on record
Primary sponsor
Cosponsors
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