LD 99
Fossil Fuel Divestment
An Act To Require the State To Divest Itself of Assets Invested in the Fossil Fuel Industry
Session
2021
Status
SUCCESS! Bill enacted into law with Gov.’s signature.
Within five years, LD 99 requires Maine’s Public Employee Retirement System (MainePERS) to divest itself of fossil fuel company assets that:
- are among the 200 publicly traded companies with the largest fossil fuel reserves in the world;
- are among the 30 largest publicly-traded company owners in the world of coal-fired power plants;
- have the construction or operation of fossil fuel infrastructure as their core business;
- have the exploration, extraction, refining, processing or distribution of fossil fuels as their core business; or
- receive more than 50% of gross revenue from companies that meet the definition under the previously listed categories. Altogether, Maine will abandon nearly $1.3 billion in fossil fuel holdings — most of which have been underperforming for years. This historic, first-in-the-nation legislation aligns Maine’s money with Maine’s values and demonstrates the power of youth activists in setting Maine apart as a national climate leader
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