SOCAN testimony to Oregon Investment Council on HB2601

Alan Journet gave remote testimony via ZOOM to the Oregon Investment Council

Divest Oregon has been promoting efforts to persuade the Oregon Treasury to divest funds from fossil fuels.  In the 2023 session, HB2601, the Treasury Investment and Climate Protection Act has been introduced.  SOCAN has been involved in the movement since before the 2022 session and will be testifying in support whenever possible..

On January 25th, on behalf of SOCAN, Alan Journet offered oral testimony to the Oregon Investment Council, which advises the Treasurer on investment policies for funds in the state Treasury.  The focus of the testimony was in support of HB2601 that encourages divestment of state funds from fossil fuels.  Because the facility where the OIC met did not provide ready remote access, Divest Oregon co-leader

The team testifying on HB 2601 to the Oregon Investment Council

Sue Palmiter provided Alan with a ZOOM link.  Sue then carried her computer to the podium and allowed testimony via her computer and the in-house microphone.  Apparently the council members heard it.

Alan’s oral testimony follows, the written testimony is below.

HB2601 Oral Testimony to OIC

Chair Samples and members of the Oregon Investment Council:

Thank you for allowing me to comment remotely from Southern Oregon. I testify as cofacilitator of Southern Oregon Climate Action Now, an organization of over 2,000 Southern Oregonians and friends who are concerned about the climate crisis and wish to encourage statewide action to address it. For over ten years, we have been engaged with the statewide climate coalition and sympathetic legislators who share our concern and interest in establishing state programs that will reduce greenhouse gas emissions and promote carbon sequestration in natural and working lands.

We have been encouraged by agency responses to Governor Brown’s Executive Order 20-04 and the passage of bills that move the state forward in doing our part to address this existential global crisis. We are, however, aware of one glaring loophole in the state’s effort. That loophole, it will not surprise you to hear, is in the investment of Oregon Treasury funds. Over several election cycles, none more so than 2022, Oregonians have demonstrated endorsement of efforts by the legislature and state agencies to address the climate crisis. It is only reasonable to conclude that a majority of Oregonians would prefer that their tax and retirement investments do not undermine the state’s overall effort to address the climate crisis. Those of us in rural Oregon consider ourselves to be on the frontline of the climate crisis with increasing drought and associated wildfire risk. We think that state funds should not be invested in activities that increase our risk. Rather, we feel strongly that these funds should be invested in activities that counter the root cause of these threats. We urge an immediate moratorium on new public and private investments in carbon-intensive entities.

To those who argue that divesting from fossil fuel may compromise fiduciary responsibility, I note that my wife and I have personally chosen to invest in a fossil fuel free portfolio as has Southern Oregon Climate Action Now.  Those claiming that divesting will threaten financial return simply have not assessed the veracity of the claim; it is another unfortunate and obscure form of climate science denial!

Addressing the climate crisis is urgent; our children, grand-children, and all life forms on the planet urge our immediate action.

On behalf of SOCAN, I urge you to consider favorably the principles embodied in HB2601 and support the bill.

Thank you!

—————————————————————————————–

The written testimony previously submitted follows:

Alan R.P. Journet Ph.D.
Cofacilitator
Southern Oregon Climate Action Now
alan@ssocan.eco
541-500-2331
January 17^th 2022

Oregon Investment Council

Chair Samples and members of the Oregon Investment Council:

I write as cofacilitator of Southern Oregon Climate Action Now, an organization of over 2000 Southern Oregonians and friends who are concerned about the climate crisis and wish to encourage statewide action to address it. For over ten years, we have been engaged with the statewide climate coalition and sympathetic legislators who share our concern and interest in establishing state programs that will reduce greenhouse gas emissions and promote carbon sequestration in natural and working lands. I write today in connection with HB2601, The Treasury Investment and Climate Protection Act.

Climate concerned Oregonians throughout the state have been encouraged by agency responses to Governor Brown’s Executive Order 20-04 and the passage of bills in previous legislative sessions that move the state forward in doing our part to address this existential global crisis. We are, however, aware of one glaring loophole in the state’ effort. That loophole, it will not surprise you to read, is in the investment of Oregon Treasury funds. Over several election cycles, none more so than 2022, Oregonians have demonstrated endorsement of efforts by the legislature and state agencies to address the climate crisis. It is only reasonable, therefore, to conclude that a majority of Oregonians would prefer that their tax and retirement investments do not undermine the state’s overall effort to address the climate crisis. Those of us in rural Oregon consider ourselves to be on the frontline of the climate crisis with increasing drought and associated wildfire risk. We think that state funds should not be invested in activities that increase our risk. Rather, we feel strongly that these funds should be invested in activities that counter the root cause of these threats.

As a result of these concerns, we urge closing this glaring loophole in Treasury investments. The steps we urge are:

• An immediate moratorium on new public and private investments in carbon-intensive entities as indicated below;
• Withdrawal within six months of all publicly traded state funds from carbon-intensive investments using as a criterion the Carbon Underground 200 list;
• Withdrawal within two years of investments in major fossil fuel (coal, oil and natural gas) producers and developers using the Global Oil & Gas Exit List (GOGEL) and Global Coal Exit List (GCEL);
• Withdrawal by 2035 from all private investments that are carbon intensive;
• Develop a plan for investments of state funds that reflects climate resilient principles and promotes social justice;
• Develop a plan that allows public scrutiny of the investment behavior of the Treasury with respect to public funds.

On behalf of SOCAN, I further urge you to consider favorably the principles embodied in HB2601 and support the bill.

Respectfully Submitted

Alan Journet

Testimony to the Joint Ways and Means Committee on General Government….