Through the advocacy of members of this group, LD 99, An Act To Require the State To Divest Itself of Assets Invested in the Fossil Fuel Industry, was introduced and passed in 2021.

• It directs the $19 billion Maine Public Employees Retirement System (MainePERS) to divest over $1 billion from fossil-fuel stocks, bonds, and private equity financing by 2026. It also directs the state treasurer to do the same with other state funds. 

• LD 99 was the first law passed in the country to do this and has set an important precedent for other states, as public pension funds are one of the largest financiers of the fossil fuel industry. 

• While the treasurer’s office has complied with the law, MainePERS has not been doing enough to implement LD 99 by 2026 and has lacked transparency in its approach to divestment. 

• A Pensions and Investments article reported that MainePERS’ fossil fuels investment only decreased from 7.8% of total assets in fiscal year 2022 to 6.5% in fiscal year 2023 according to a December 2023 MainePERS report. As of June 30th, 2023 MainePERS still had $1.215 billion in fossil fuel-exposed investments. 

• Divest Maine argues that MainePERS should not continue to invest public employees’ savings in an industry that is fueling the climate crisis; threatening a livable future for retirees, current public employees, and young people; has been underperforming for almost a decade; and is threatened by stranded assets. 

• Using an analysis of market performance, Divest Maine estimates that MainePERS would have $567 million more today had it divested public funds from fossil fuels ten years ago. This is not a trend isolated to Maine; this report found that U.S. public pension funds would be $21 billion richer had they divested from fossil fuels a decade ago.  

• In order to avoid diminishing the hard-earned savings of Maine’s public employees, MainePERS must implement LD 99 and completely divest as soon as possible.