Maine becomes the first state to pass law to divest from fossil fuels

Maine, USA

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Legislation directs $17 billion pension fund and state treasury to divest from coal, oil and gas companies by 2026

The Maine State Legislature passed LD 99, An Act To Require the State To Divest Itself of Assets Invested in the Fossil Fuel Industry. The successful vote makes Maine the first state in the USA to commit to fossil fuel divestment through legislation. The bill directs the $17 billion Maine Public Employee Retirement System to divest $1.3 billion from fossil fuels within 5 years and directs the Treasury to do the same with other state funds.

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Maine, USA

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