By Bob Katzen
The Senate 39-0, approved an amendment that would confirm the authority of local retirement boards to divest their respective pension funds from investments in fossil fuel companies including those in sectors related to coal and consumable fuels; integrated oil and gas; and oil and gas exploration and production.
“The need for a local divestment option bill arose in 2017 after a local vote to divest retirement funds from fossil fuel companies was ruled invalid, on the basis that they lacked the authority to do so,” said Sen. Marc Pacheco (D-Taunton). “Fossil fuel investments are extremely volatile and in direct conflict with our continued progress toward a clean energy future. This amendment is a common-sense solution that empowers local communities to divest from fossil fuel companies by confirming their right to cut ties with risky long-term commitments.”