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Treasury-backed bill would require climate risk analysis for state pension; indemnity clauses draw questions
Summary
The Senate Committee on Finance and Revenue held a public hearing May 19 on House Bill 2081A, which would require the state treasurer and the Oregon Investment Council to analyze and manage climate-related financial risks to the Oregon Public Employee Retirement Fund and file biennial reports to the legislature.
The Senate Committee on Finance and Revenue conducted a public hearing May 19 on House Bill 2081A, which would require the state treasurer and the Oregon Investment Council (OIC) to analyze and manage climate-related financial risks to the Oregon Public Employee Retirement Fund (OPRF) and provide biennial reports to the legislature.
State Treasurer Elizabeth Steiner testified in support, saying the bill helps Treasury "stay true to our mission and our obligations to Oregon's public employees" and that market shifts make some carbon‑intensive investments riskier over time. Steiner said the language is designed to preserve fiduciary duty while giving Treasury tools to assess climate risks and pursue opportunities in a transition to cleaner energy.
Multiple labor, environmental and business groups testified in favor. Danielle Fox of Climate Finance…
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