The Climate Activists' Attack on Pensions. Maine Youth for Climate Justice

While Maine passed landmark legislation in 2021 (LD 99) mandating fossil fuel divestment for its pension fund (MainePERS) and other state funds, activists argue the process is too slow and incomplete, with MainePERS still holding substantial fossil fuel investments despite the law's 2026 deadline approaching, leading to ongoing pressure and criticism. The pension fund cites fiduciary duty and market conditions, while advocates push for full compliance by the deadline, viewing continued investment as contrary to the law's intent and climate goals. [1, 2, 3, 4, 5, 6]  

Key Points: 
• 2021 Law (LD 99): Made Maine the first U.S. state with legislation requiring divestment from fossil fuels, aiming for completion by 2026. 
• MainePERS' Stance: The state's pension system states it's fulfilling its duty by reducing exposure and not making new investments, but hasn't fully divested, citing fiduciary responsibilities and market realities. 
• Activist Concerns: Groups like Divest Maine argue MainePERS isn't acting in good faith, failing to meet the spirit of the law and lagging on divestment goals. 
• Current Situation: As of mid-2024, activists continue to rally for full compliance, pushing MainePERS to exclude fossil fuels from portfolios and let existing investments expire, as the 2026 deadline nears. [1, 2, 3, 4, 5, 6, 7, 8]  
In essence, Maine has legislated fossil fuel divestment, but the implementation by the pension fund is contested, with significant fossil fuel holdings remaining despite legal mandates and activist pressure. [1, 2, 3]  
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Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

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(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

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