Senate Finance and Revenue Committee holds hearing on bill to pause new private-market fossil fuel investments

The Senate Committee on Finance and Revenue opened a public hearing on Wednesday, March 19, 2025, on Senate Bill 681, which would bar the state treasurer from making new or renewed commitments to private-market funds if the fund managers have stated an intention to invest in fossil fuels. The bill’s principal sponsors, Sen. Jeff Golden and Rep. Mark Gamba, joined a series of proponents and opponents who testified during the hearing; no committee vote was taken.

Supporters told the committee the moratorium is a measured step to implement the state treasurer’s Pathway to Net‑0 and to reduce climate‑related financial risk inside the Oregon Public Employees’ Retirement Fund (PERS). Sen. Jeff Golden said the bill follows the treasurer’s plan and “Stop[s] digging,” arguing that the state should pause new long‑term commitments that lock capital into fossil fuel projects. Rep. Mark Gamba said he “strongly support[s] SB 681” and described private market commitments as large, long and opaque contracts that can expose pension beneficiaries to climate and financial risk.

Proponents — including nonprofit advocates, union representatives and independent analysts — cited several concerns they said…