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W.Va. panel passes measure to pull pension investments from divesting companies

April 06, 2021

Charleston Gazette-Mail:

The West Virginia House Energy and Manufacturing Committee signed off on a resolution Tuesday eyeing divesting from state retirement investments in businesses that have divested from fossil fuel companies.

The resolution, which now goes before the House Rules Committee, would direct the Joint Committee on Government and Finance to study what it calls “the commercial discrimination of producers of coal, gas, oil, carbon-based energy, and other productions” in West Virginia. 

Delegate Evan Hansen, D-Monongalia, noted that two large financial management firms, BlackRock and Meketa, recently concluded investment funds have experienced no negative financial impacts from divesting from fossil fuels and instead found evidence of modest improvement in fund return, according to the Institute for Energy Economics and Financial Analysis, a nonprofit dedicated to a diverse, sustainable energy economy.

[Mike Tony]

More: House panel OKs resolution to study divesting retirement funds from companies that have divested from fossil fuels

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