Khanh Pham, Paul Holvey and Jeff Golden

Pham represents House District 46-Southeast Portland, Holvey represents House District 8-Eugene, and Golden represents Senate District 3-Ashland in the Oregon Legislative Assembly.

As lawmakers in the Oregon Environmental Caucus, we know our state needs to take bold climate action now.

When it comes to tackling the climate crisis, Oregonians already have much to be proud of our state. Earlier this year, the Legislature passed three clean energy bills focused on energy affordability and climate-smart housing. In 2018, Portland also passed the first municipal clean energy fund in the United States.

All of this gives us hope.

Still, we can do more. Sadly, our progressive state continues to resist abandoning its controversial fossil fuel investments. The Oregon Treasury, which manages the state’s $ 130 billion investment portfolio, is invested in the oil, gas and coal companies responsible for our climate emergency.

Oregon can be a climate leader, but only if we challenge the fossil fuel status quo.

In many ways, it’s surprising that the state has yet to disengage from the sector. Institutions with $ 39.2 trillion under management have already engaged in some form of divestment from fossil fuels, According to a report by a coalition of divestment advocacy groups. Harvard University, the Ford Foundation, the Vatican, and the New York State Pension Fund – the latter far larger than Oregon’s public employee pension system run by our treasury – have all announced their intention to remove dirty energy from their wallets.

Divestment has not been adopted as a short-term strategy for political gain in these institutions. It has been clear for years that asset managers need to protect their pension returns by disengaging from fossil fuels. The The data continues to accumulate. According to Institute of Energy Economics and Financial Analysis, fossil fuel stocks can reduce investment performance.

For the Oregon State Treasury, which has a fiduciary duty to make the state’s investments as “productive as possible,” this could cause long-term problems.

But it’s not just about prudent financial management. This is economic justice for our communities: here we have the opportunity to channel the state’s investment money into a future that works for the people of Oregon. This could mean targeting our capital to invest in companies or organizations that offer good jobs (including in the renewable energy sector), prioritizing local economic investments and reinvesting in actions that contribute to the growth of the green economy. , which is good for Oregon.

Divestment can allow us to invest in businesses and funds that will propel our communities and our state into the future. The door to divestment is open, but climate leadership demands that the legislature push our institutions through this opening.

That is why we are introducing a bill in the next legislative session in 2022 to disclose Oregon’s fossil fuel holdings so that the public can clearly understand our state’s financial and climate risks. We support the call from Divest Oregon, a grassroots coalition representing unions with PERS members, racial and climate justice groups, young leaders and religious communities: the state must stop all further investment in the fossil fuel sector and phase out current holdings over the next five years.

The Treasury could take a convincing first step towards bold climate leadership by disclosing the state’s fossil fuel holdings as soon as possible. Responsibility begins when we can follow the money. We need to know where and how the state is exposed to climate risks, and what steps will be taken to address identified climate-related financial risks, including a ban on future investments in fossil fuels.

We are optimistic that Oregon can take the lead in climate policy. But we have to take a serious look at ourselves in the mirror. Fossil fuels are bad for our planet, bad for our frontline communities, and bad for our long-term finances. Let’s divest and show how Oregonians can stand up for the environment and for each other.