Divest Maine
Who we are:
Divest Maine is a multigenerational group of MainePERS beneficiaries, public employees, and representatives from Maine Climate Action Now, Maine Youth Action, Maine Youth for Climate Justice, Sierra Club Maine Chapter, and Third Act Maine.
We advocated for the successful passage of LD 99, An Act To Require the State To Divest Itself of Assets Invested in the Fossil Fuel Industry in 2021, and are now pushing MainePERS to implement LD 99 by 2026, as the law requires.
Divest Maine is a member of the Climate Safe Pensions Network.
Third Act Maine members holding a rally in front of the MainePERS building in Augusta during a recent board meeting.
Fossil Fuel Divestment
Why is fossil fuel divestment important?
“According to a report from the International Energy Agency, current commitments and actions to limit global warming and offset climate change will not be able to counteract the effects of increasing carbon emissions from energy and industry. The IEA has stated that a major shift away from fossil fuels is necessary to meet government targets and has suggested that all new coal power plant construction be suspended.
An original report from the Carbon Tracker Initiative found that the world’s fossil-fuel companies had five times more carbon in their reserves than scientists believed could burn while staying within a safe temperature target. That means that if those companies carry out their business plans, the planet will overheat.
Without financing, these companies would not be able to continue to pollute to the degree that they do, nor have the political influence that they continue to wield. From being direct investors in these companies to providing cash, loans, credit facilities and insurance, financial institutions such as banks, pension funds, insurance companies and asset managers enable fossil fuel companies to expand fossil fuel use.” - Climate Safe Pensions Network
What institutions are divesting from fossil fuels?
Over 1,600 institutions across the world have made fossil fuel divestment commitments. The approximate value of these institutions is $40.63 trillion.
What institutions in Maine are divesting?
In 2013, the Maine Council of Churches Executive Committee decided that they will limit their investments to funds which are free of the top 200 publicly traded fossil fuel companies that hold large reserves of coal, oil, and gas.
In 2021, LD 99 was signed into law by Governor Mills. It directs the state of Maine and the Maine Public Employees Retirement System (MainePERS) to divest from fossil fuels by 2026. Divest Maine is currently advocating for MainePERS to implement this law. To learn more about this campaign, click here.
In 2022, the University of Maine System (UMS) committed to fully divest from fossil fuels by 2030 after years of advocacy from Divest UMS and other student groups. Since this commitment, UMS has reduced its investments in fossil fuels.
To see other divestment commitments, search for Maine in the divestment database.
Are other pension funds divesting?
As of March 2024, 11.7% of institutional divestment commitments are from pension funds. Notable divestment commitments from other U.S. pension funds include:
In 2015 California passed SB 185, requiring California’s pension funds to divest from coal.
In 2024 Oregon passed the COAL Act, directing Oregon’s Public Employee Retirement System to no longer invest in companies that get 20% or more of their revenue from coal production. It also directs the Treasury to limit new investments in these companies.
In 2024, the New York State Comptroller announced that the New York State Common Retirement Fund would divest $25 million of $500 million from Exxon, ban new investments in fossil fuel exposed private equity, and increase climate solutions investments to $40 billion.
Three New York City funds with assets totalling more than $185 billion have fully divested from fossil fuels (shedding $3 billion in holdings) and committed to reach $50 billion in climate solutions investments by 2035.