Ginny Roscamp, Senior Press Secretary, Federal Communications, Sierra Club, ginny.roscamp@sierraclub.org
SALEM, OR — On October 21, Oregon State Treasurer Elizabeth Steiner announced the publication of four investment principles that will guide her management of the Oregon Public Employee Retirement Fund (OPERF), ahead of plans by the Oregon Investment Council (OIC) to revise the fund’s asset allocation goals in 2026. Steiner is one of five voting members on the OIC. The Sierra Club is encouraged by the Treasurer’s commitment to the principles but encourages Stenier to halt all new investments in fossil fuels — especially private equity and bonds.
The principles are:
- Principle 1: A diversified portfolio is a good strategy that balances returns and risks over the long-term.
- Principle 2: The OPERF portfolio must be structured to find opportunities in the market conditions of today and the future, not yesterday.
- Principle 3: A clean energy future is coming, and Treasury can adapt its investment strategies to take advantage of the profitable opportunities in this growing sector.
- Principle 4: Engagement with beneficiaries is a necessary and critical part of the work to support OPERF over time and in perpetuity.
In response to the news, the Sierra Club issued the following statements:
“We are encouraged by Treasurer Steiner's commitment to principles that protect the savings of Oregon’s public sector workers and retirees. Principle 3 supports the Treasurer's Net Zero Plan, but misses a key point. To protect OPERF's long-term growth, the Treasury must address climate risks, with a recent report predicting a 53% decline in pension savings in a worst-case scenario,” said Damon Motz-Storey, Director of the Sierra Club’s Oregon Chapter. “Seeking opportunities won't be enough. Treasurer Steiner must invest in climate solutions that support a just transition and halt all new investments in fossil fuels — especially in private equity and bonds, key sources of fossil fuel financing. We look forward to Treasurer Steiner's leadership, and we remain clear-eyed about the urgent need to stop fossil fuel expansion and build clean energy solutions, for the sustainability of our planet and our retirement savings.”
“Treasurer Steiner heralded the passage of the Climate Resilience Investment Act earlier this year, a first-of-its-kind law that requires the Oregon State Treasurer to assess and mitigate climate risks to the public pension system. Treasurer Steiner’s principles reiterate a commitment to investments in climate solutions, which is a key piece of any climate strategy, but don’t expand on her duty to tackle climate-related risks. Now that this is law, we expect the Treasury to clarify the details of their climate investment strategy, and we call on Treasurer Steiner to implement strong standards for climate solutions investments,” said Allie Lindstrom, Senior Campaign Strategist with the Sierra Club’s Sustainable Finance campaign.
BACKGROUND
Earlier this year, Oregon passed the "Climate Resilience Investment Act" directing the Oregon Investment Council and the Oregon State Treasurer to take certain actions to address how climate change threatens public workers’ retirement savings with the state’s public pension system. Several other pensions have sustainable investing plans, but the bill marked the first time one of those plans received the backing of a state legislature.
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.