About three dozen protesters marched and sang in front of the Maine Public Employee Retirement System offices in Augusta Thursday to draw attention to what they consider is its failure to rapidly divest from oil and gas companies fueling the climate crisis.
A 2021 state law demanded that Maine PERS pull all its investments from fossil fuels.
But Divest Maine campaign manager Hope Light said the agency has dragged its feet. Switching from oil, gas and coal will bring the same or better returns for Maine retirees, Light said, and would limit the system's risk as the public turns away from fossil fuels.
"So in the future it is not going to be the safe return on their investments that they see. Folks are trying to electrify their homes, they are trying to electrify their vehicles, they are really as a whole moving away from big oil and gas," Light said.
In a statement, Maine PERS said it has implemented the law in accordance with its sound investment criteria and fiduciary obligations. Earlier this year the agency told lawmakers its priority was protecting investment beneficiaries and it needed to hold onto shares of the entire market without excluding specific industries.
In a late 2023 report, the agency said it does not anticipate making any more fossil fuel investments and it expects to reduce a third of its industry exposure by 2026.
