The environmental community’s effort to hasten the transition to renewable production and generation of energy includes targeting financial entities that purchase the stock and bonds of fossil fuel corporations or make loans for projects related to fossil fuels. In Maine, the 2021 legislature requested the Maine Public Employee Retirement System (MainePERS) to divest its holdings in fossil-fuel stocks, bonds, and private equity financing—a first in the nation.
Sierra Club Maine was instrumental in getting the legislature to pass a law directing MainePERS to divest fossil-fuel holdings by 1/1/2026. MainePERS issued its first report on the divestment strategy in January 2023, pointing to a number of hindrances to quick and complete divestment. Sierra Club Maine believes that most of the reasons given are of no consequence and that MainePERS should faithfully pursue the divestment goal set by the legislature.
Resources
- Maine PERS first report on fossil-fuel divestment
- Learn about fossil-fuel divestment
- The Sierra Club commissioned a study of the fossil-fuel lending practices of the largest banks