Prohibits investment by State of pension and annuity funds in, and requires divestment from, 200 largest publicly traded fossil fuel companies.
Impact
The enactment of A1733 will directly influence the investment strategies of New Jersey's public pension funds, redirecting financial resources away from fossil fuel companies towards potentially more sustainable investments. This legislative change acknowledges climate change as a significant threat and positions the state to align its financial activities with broader environmental goals. Additionally, financial reports will be required to track the progress of divestments, ensuring transparency and accountability in the implementation of the bill.
Summary
Assembly Bill A1733, proposed in New Jersey, aims to prohibit state pension and annuity funds from investing in the 200 largest publicly traded fossil fuel companies. This legislation mandates that the state must divest from these companies due to their significant carbon emissions and contributions to climate change. The bill specifies a timeline for divestment, requiring all coal company investments to be sold within two years and all other fossil fuel investments by January 1, 2022. It emphasizes the state's commitment to addressing climate change and its fiduciary responsibilities concerning public funds.
Contention
Notable points of contention surrounding A1733 include concerns raised by stakeholders regarding the impact of such divestments on financial returns for pensioners. Opponents argue that divestment could lead to reduced performance of pension funds and potentially jeopardize the financial security of retirees. Moreover, there is debate over whether the legislation sufficiently considers the economic implications for the state's overall investment strategy, particularly in light of global energy market fluctuations.
Same As
Prohibits investment by State of pension and annuity funds in, and requires divestment from, 200 largest publicly traded fossil fuel companies.
"Climate Superfund Act"; imposes liability on certain fossil fuel companies for certain damages caused by climate change and establishes program in DEP to collect and distribute compensatory payments.
Prohibits investment by State of pension and annuity funds in, and requires divestment from, companies involved in production or maintenance of nuclear weapons.
Increases distribution to municipalities from Energy Tax Receipts Property Tax Relief Fund over two years; prohibits anticipation of certain revenue in municipal budget; requires additional aid be subtracted from municipal property tax levy.
Requires public schools to post link to subsidized school meals application, and certain informational videos related to application, in prominent place on Internet website.