Minnesota Senate Media Services
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Lawmakers Call for Review of Fossil Fuel Investments
Posted
March 29, 2016
Views
29
March 29, 2016
29
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19:09Now PlayingThe Minnesota State Board of Investment would be required to evaluate its fossil fuel investments, according to a bill featured Tuesday, March 29, by Senator Sandy Pappas, DFL- St. Paul, and Representative Melissa Hortman, DFL-Brooklyn Park. The State Board of Investment manages public pension and retirement funds for public employees.
According to representatives from Divest-Invest MN and MN350, the MN State Board of Investments invested $2 billion dollars in the top 200 fossil fuel companies, while a recent study showed that New York’s pension fund could have saved $5.3 billion if it had divested from fossil fuels three years ago. Citing climate change and increasing volatility in some fossil fuel markets, and economic forecasts, supporters argued for careful and targeted evaluation to ensure healthy pension funds for future generations.
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