IEEFA U.S.: Expert testimony supports Oregon’s HB 4115, calls for transparency on climate risk

February 1, 2022 (IEEFA) — The Oregon Legislature should pass a bill requiring the state’s investment council to provide the public with a complete list of its assets, an official with the Institute for Energy Economics and Financial Analysis, said Tuesday.

In written testimony, Tom Sanzillo, IEEFA director of financial analysis, said House Bill 4115 will promote informed and intelligent discussion about state investment policy, which will aid the development of a broad set of policy options to protect the state’s investments from climate risk. Sanzillo noted the fossil fuel industry in particular has proven to be a poor investment over the last decade.

“Investors today expect a clear plan from fossil fuel producers addressing the risks of climate impact,” said Sanzillo. “But knowing where these funds stand on fossil fuels is also particularly important to interested parties because these investments have underperformed the market over the last 10 years.”

Transparency should be the standard in these situations, especially when legitimate questions about risk are being raised. For pensioners and other interested parties, increased disclosure allows a better understanding of the funds’ solvency for the purposes of meeting their investment targets, Sanzillo said.

Full testimony: Testimony by Tom Sanzillo to the Oregon State Legislature, on House Bill 4115

Author Contact:

 Tom Sanzillo ([email protected]) is IEEFA director of financial analysis

Media Contact:

Vivienne Heston ([email protected]) is IEEFA’s director of strategic communications, +1 914 439-8921

About IEEFA: The Institute for Energy Economics and Financial Analysis (IEEFA) examines issues related to energy markets, trends and policies. IEEFA’s mission is to accelerate the transition to a diverse, sustainable and profitable energy economy.