Salem, OR — State Treasurer Elizabeth Steiner joined a press call today with Unlocking America’s Future and advocates to celebrate Oregon’s legislature passing House Bill 2081, also known as the Climate Resilience Investment Act. Speakers—which included President of SEIU Local 503 Johnny Earl; Executive Director of Build America Policy Council Carianne Lee; and Founder and Executive Director of Climate Finance Action Mary Cerulli— urged Governor Tina Kotek to swiftly sign this landmark legislation into law.
The legislation, championed by Treasurer Steiner, protects the retirement savings of Oregon’s teachers, firefighters, police officers, and other public servants. It ensures their pensions are managed with common-sense consideration of the known investment risks posed by climate change, giving Oregon families the peace of mind that their hard-earned retirement savings will be there when they need it.
“Through the Climate Resilience Investment Act, Oregon is making a commitment to protect the financial future of retirees from the investment risks of fossil fuels—while we make investments in the clean energy transition that offers lower energy costs, cleaner air, new jobs, and communities better prepared to withstand wildfires, heat domes, super-charged storms and other climate-related disasters,” said Oregon Treasurer Elizabeth Steiner. “Oregon’s Climate Resilience Investment Act is a bold step to protect retirees at a time of global economic uncertainty and efforts in Washington, DC and other states to limit the freedom of institutional investors to invest responsibly and make fully informed investment decisions.”
“At a time when responsible investing faces attacks at the national level, Oregon has the opportunity to position itself as a national leader in protecting working families’ retirement security by signing this bill into law,” said Kyle Herrig, spokesperson for Unlocking America’s Future. “Oregon families deserve peace of mind that their retirement money will be there when they need it, protected from costly risks that threaten long-term financial security.”
“SEIU represents 72,000 workers in Oregon, we’re the largest labor union in the state. This includes tens of thousands of Oregonians like me who will count on the Public Employees Retirement System for stable, present and future, retirement,” said Johnny Earl, President SEIU503. “Today is a long time coming for our members. Five years ago, our members overwhelmingly voted to make climate justice a top priority…This bill does that through a common sense approach—to factor in climate risk when making investment decisions. Done right, the evolution to a clean energy economy will be a just transition to good union jobs in renewable energy. We can make investments to grow our pension fund, while developing our renewable energy economy. We look forward to working with Treasurer Steiner, our members and our labor partners to implement this legislation.”
“But the good news is: [anti-responsible investing] bills are failing. Lawmakers on both sides of the aisle are realizing they’re not just unpopular—they’re harmful and unworkable. So far, 106 pieces of legislation have been introduced in 32 states, but as nearly 40 states adjourn their sessions for this year, just 9 bills have become law. State after state has rejected these reckless anti-responsible investing bills—that’s because they attack investors and companies for doing the right thing for their beneficiaries, and because they’re bad policies that hurt people’s savings,” said Carianne Lee, Build America Policy Council. “Oregon isn’t just fighting bad bills—it’s leading the way with good legislation, showing that keeping an eye on a climate positive future does not come at the expense of fulfilling fiduciary duties. Oregon is showing it’s possible to make real-world emissions reductions while also delivering strong, long-term investment returns.”
“This bill means that retirement security is being protected and strengthened against the very real and material financial risks of climate change. A critical aspect of the Climate Resilience Investment Act strength is its strategic foresight…This balanced approach ensures Oregon’s trust funds, including the State Pension Fund, can navigate the evolving global economy with agility, capturing the opportunities in the clean energy transition while mitigating those potential risks,” said Mary Cerulli, Founder and Executive Director of Climate Finance Action. “In short, this is about modernizing how Oregon manages its money, ensuring that its employees’ retirement is secure in a changing world, and critically…enshrines transparency through biannual public reporting…It’s about building trust, regular, clear communication about the fund’s progress, its climate related risks, its challenges, and its investment strategies will keep Oregonians informed and confident that their retirement savings are in secure and responsible hands.”
To speak with a business leader, UAF spokesperson, or speakers on the call about this legislation, please email us at press@unlockingamericasfuture.org.
