Oregon’s public employee pension fund sets 2050 net-zero target

The US state of Oregon has announced that the Oregon Public Employee Pension Fund (OPERF) will target net-zero portfolio emissions by 2050. The decision, announced by Oregon State Treasurer Tobias Read is aimed at aligning the fund with the Paris Agreement goals. A detailed plan for decarbonising OPERF’s $90bn portfolio is expected to be presented by Read to the Oregon Investment Council in 2024. The plan is expected to be centred on four components: strategies for carbon-neutrality by 2050; baseline emissions measurement and interim targets; investment review of carbon-intensive assets; and a transparent reporting mechanism. Read’s plan has received support from members of the Joint Committee on Ways and Means as well as Oregon’s State Fire Fighters Council and Oregon Senate majority leader Rob Wagner. Read said: “Our investment decisions must be driven by financial considerations and investment returns, not politics. The reality is we must reduce the risks that climate change poses to our investments and to the retirement security of Oregon’s hardworking public servants and their families.”