In a pivotal meeting of the Oregon Senate Committee on Finance and Revenue, discussions centered around Senate Bill 681, which aims to impose a five-year moratorium on new investments in fossil fuel-related private equity funds. Advocates for the bill argue that it is essential for protecting both the environment and the financial security of future public employees, particularly those in the Public Employees Retirement System (PERS).

Olivia Dunn, a young public servant and member of Divest Oregon, passionately urged the committee to support the bill, emphasizing the direct impact of climate change on her generation's future. "The climate crisis is not just another political issue. It is the defining crisis of our lifetime," she stated, highlighting concerns about job stability, housing affordability, and access to clean resources. Dunn expressed her fear that continued investments in fossil fuels could jeopardize her retirement savings and those of her peers.

The meeting also featured testimony from Holly Oakes Miller, vice president of political action at the American Federation of Teachers, Oregon. She reinforced the urgency of the bill, noting that over 50% of the Oregon Public Employees Retirement Fund is currently invested in private market funds, significantly exceeding the national average. Miller described SB 681 as a "common sense measure" that aligns with the Treasury's existing net zero plan, which aims to mitigate financial risks associated with carbon-intensive investments.

The committee heard that the proposed moratorium would allow the Treasury to rebalance its portfolio towards more sustainable investments, thereby ensuring long-term stability for public pensions. Advocates argue that delaying action could lead to stranded assets and increased financial risks as the global economy transitions away from fossil fuels.

As the committee deliberates on Senate Bill 681, the discussions underscore a growing recognition of the need for responsible investment strategies that prioritize both environmental sustainability and the financial well-being of Oregon's public servants. The outcomes of this meeting could have lasting implications for the state's approach to climate change and public investment.