In a U.S. first, the state of Maine has passed legislation – bill LD99 – directing the $17 billion Maine Public Employee Retirement System (PERS) to divest $1.3 billion from fossil fuels within 5 years and directs the Treasury to do the same with other state funds.
The move makes Maine the first U.S. state to commit to fossil fuel divestment through legislation. While other states have recently taken steps to divest from fossil fuels, such as New York and Minnesota,
Maine would be the first state to do so through legislative action. More than 1300 institutions with $14 trillion in assets have also committed to some form of fossil fuel divestment.Maine $17B Pension Fund Directed To Divest From Fossil Fuels