PROVIDENCE – As the state moves to cut greenhouse gas emissions and expand its renewable energy supply, it’s also looking to further divest its pension from the fossil fuel industry.
R.I. Treasurer Seth Magaziner in an event on April 22 announced that the state pension fund is slated to decrease its investments in fossil fuel companies by nearly 50% by the summer. In a statement, Magaziner said he hopes to reduce the state pension’s exposure to fossil fuels to “approach zero” by the end of the decade.
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He highlighted the importance of investing in clean energy to continue the “strong performance” of the state’s $9.5 billion pension fund, which continued to grow and outperform other public pension plans across the country through 2020, despite the COVID-19 pandemic.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
