Fossil Fuel Divestment

An Act To Require the State To Divest Itself of Assets Invested in the Fossil Fuel Industry (2021)

Sponsors: Margaret M. O'Neil

LD 99

Within five years, LD 99 requires Maine’s Public Employee Retirement System (MainePERS) to divest itself of fossil fuel company assets that:

• are among the 200 publicly traded companies with the largest fossil fuel reserves in the world;
• are among the 30 largest publicly-traded company owners in the world of coal-fired power plants;
• have the construction or operation of fossil fuel infrastructure as their core business;
• have the exploration, extraction, refining, processing or distribution of fossil fuels as their core business; or
• receive more than 50% of gross revenue from companies that meet the definition under the previously listed categories. Altogether, Maine will abandon nearly $1.3 billion in fossil fuel holdings — most of which have been underperforming for years. This historic, first-in-the-nation legislation aligns Maine’s money with Maine’s values and demonstrates the power of youth activists in setting Maine apart as a national climate leader