Oregon Treasurer Tobias Read, who is a member of the Oregon Investment Council, on Wednesday said he plans to provide the council for its approval in early 2024 a comprehensive proposal that would transition the $89.8 billion Oregon Public Employees Pension Fund, Salem, to a net-zero carbon emission investment portfolio by no later than 2050.
"Our investment decisions must be driven by financial considerations and investment returns, not politics," Mr. Read said in a news release. "The reality is we must reduce the risks that climate change poses to our investments and to the retirement security of Oregon's hardworking public servants and their families."
The plan Mr. Read's staff is developing has four components: a net-zero pledge; establishment of a baseline emissions measurement and key interim targets for managing climate risks; review of portfolio investments in carbon-intensive activities such as thermal coal, tar sands and natural gas derived from fracking; and reports on OPERF's progress in meeting its net-zero goals.
In the meantime, the Oregon Treasury will accelerate its efforts to address climate risks inside the investments it manages, including expanding exposure to renewable energy and clean technology.