Medford, OR – Oregon has officially become the third state in the nation to mandate the divestment from coal companies, following the passage of House Bill 4083. The bill, which passed with significant support from environmental organizations like Southern Oregon Climate Action Now, requires the Oregon Investment Council to divest from publicly traded coal companies, signaling the state’s continued commitment to addressing climate change.
The bill’s passage was heralded as a pivotal step in aligning Oregon’s financial practices with its broader environmental goals. Alan Journet, co-facilitator of Southern Oregon Climate Action Now, testified in favor of the bill, stressing the inconsistency of Oregon’s environmental efforts while still investing state funds in fossil fuel companies.
“It just doesn’t make sense,” Journet remarked, emphasizing the need for Oregon to ensure that its investments reflect its commitment to reducing greenhouse gas emissions. He also argued that divesting from fossil fuels is not only a necessary environmental action but also a sound financial decision, pointing to research that suggests portfolios without fossil fuels perform better in the long run.
The passage of HB 4083 marks a significant milestone in Oregon’s ongoing efforts to combat climate change and transition to a clean energy future. Supporters of the bill believe this legislation could serve as a catalyst for further action, with hopes that it will lay the groundwork for the introduction of the “Pause Act” in the 2025 legislative session. This new measure would go further, halting investments in private equity funds that have heavy ties to the fossil fuel industry.
This legislative action comes at a time when the environmental and economic toll of coal is becoming more evident. Oregon has seen an increase in the frequency and intensity of wildfires, some of which are linked to the broader impacts of climate change. Journet noted the direct connection between these disasters and global warming, stressing that the state is already experiencing the effects of inaction.
Despite these challenges, Oregon has made notable strides in renewable energy in recent years. In 2021, the state passed a law requiring all retail electricity to be generated from renewable resources by 2040, further demonstrating its commitment to clean energy. However, advocates like Journet argue that divesting from fossil fuels is a necessary step to ensure that Oregon’s financial investments align with its climate goals and renewable energy ambitions.
As the debate over energy sources continues to evolve, issues such as nuclear power, energy storage, and new technological advancements are likely to be at the forefront of discussions surrounding Oregon’s energy future. While the state has made significant progress, the passage of HB 4083 signals a broader recognition that addressing the climate crisis requires both policy changes and financial alignment.
Oregon’s move to divest from coal serves as a reminder of the interconnectedness of environmental action, financial policy, and the urgent need for a clean energy transition. The passage of this bill may just be the first of many steps toward a more sustainable and resilient future for the state.