May 1, 2025
Public hearing – April 22
Work Session – April 24
Includes -1 Amendment
This bill recognizes that climate change poses significant risks to the investment fund portfolio of Oregon’s Public Employees Retirement System (PERS). It calls on the State Treasurer and the Oregon Investment Council (OIC) to actively analyze and manage these risks. The OIC is a six-member board that oversees the investment and allocation of all State of Oregon trust funds. https://www.oregon.gov/treasury/invested-for-oregon/pages/oregon-investment-council.aspx
More specifically, the bill requires the Treasurer and OIC to analyze the risks of scope 1 and scope 2 emissions for fossil fuel investments within the funds. These are direct emissions from the operations of fossil fuel businesses, and indirect emissions from the companies that supply these businesses with electricity and other forms of energy.
The Treasurer and OIC must analyze how integrating climate change analysis will aid in achieving portfolio returns. They also must pursue the goal of reducing the carbon intensity of the fund, by preferring investments leading to reduced greenhouse gas emissions.
Every two years, the Treasurer and OIC are required to provide a report to the Legislature, about progress toward an investment program that addresses the impact of climate change on the portfolio.
Any actions taken as a result of this bill have to be consistent with the fiduciary responsibilities of the Treasurer and OIC, as set out in existing regulations.