State treasurer doubles down on controversial energy funds despite mounting pressure: 'Nothing ... says we have to or should divest'

In an interview, Oregon Treasurer Elizabeth Steiner detailed her actions on green investment. In particular, there have been questions about her support for House Bill 2200, which directs the government to lower the carbon intensity of its investments.

"There's been a lot of myth about the bill," Steiner said, per the Portland Business Journal. "Fundamentally, nothing in this bill says we have to or should divest from fossil fuels, nor does it give a specific timeline. What the bill says is if it's congruent with your fiduciary responsibility, you shall make preferential investments in climate friendly entities and you should try to keep track of the carbon impact of the portfolio and report back to Legislature every two years about how you're measuring it and what you've done to move away from carbon investments."

Luckily, only 5% of the state's investments are in carbon-intensive businesses, but cleaning that up seems to have garnered enough bipartisan support to get bill HB 2200 through committee in the coming weeks.

Making green investments is a key way to prop up early-stage companies that are actively working toward a sustainable future.

These investments aren't purely (or even primarily) altruistic. Their success depends on profitability and a clear return. Given the rise of investment in green energy, the promise is there. Meanwhile, oil and gas companies are not doing as well financially, which should spur faster divestment.

Steiner remains optimistic about the outcome of HB 2200 since it's an attempt to find a middle ground.

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"Some think we haven't gone far enough fast enough, some want us to divest from fossil fuels faster than we ever had any intention of doing, but understand our fiduciary responsibility comes first," Steiner told the Portland Business Journal. "Others are very nervous about any bill that tells us anything about how to invest, and they got to a place where they felt comfortable that this bill emphasized fiduciary responsibility enough that they could feel comfortable supporting it."

Should the government be able to control how we heat our homes?

Definitely 👍