Oregon is moving to codify climate standards for the state’s $100 billion public pension fund, defying a broader trend in U.S. finance away from climate-minded investing.
H.B. 2081 aims to lower the carbon intensity of the Oregon Public Employees Retirement Fund’s investments — without requiring the fund to divest from fossil fuels.
Instead, the bill upholds a strategy from Oregon Treasurer Elizabeth Steiner and her predecessor, now-Secretary of State Tobias Read, to balance the pension fund’s carbon-intensive holdings with investments that lower emissions — aiming for net-zero emissions from the portfolio by 2050.
The bill passed the Oregon Senate this week on a 18-10 vote, including one Republican supporter. It cleared the House in May, where two Republicans helped it pass 36-18, and it now awaits action from Democratic Gov. Tina Kotek.
