Maine this week became the first state in the nation to pass a law requiring divestment of public funds from oil, gas, and coal companies. The legislation directs that “The Treasurer of State and the Board of Trustees of the Maine Public Employees Retirement System may not invest the assets of any state pension or annuity fund in any stocks or other securities of any corporation or company within the fossil fuel industry or any subsidiary, affiliate or parent of any corporation or company among the 200 largest publicly traded fossil fuel companies, as established by carbon in the companies’ proven oil, gas and coal reserves.”
Divestment must be complete by Jan. 1, 2026.