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About The Bulletin. (Bend, OR) 1963-current | View Entire Issue (April 21, 2022)
THE BULLETIN • THURSDAY, APRIL 21, 2022 A3 LOCAL, STATE & REGION Report: Oregon has $5.3 billion invested in fossil fuel companies BY ANDREW SELSKY Associated Press SALEM — The Oregon State Treasury has at least $5.3 billion in- vested in fossil fuel companies, a co- alition of environmental groups said in a report Wednesday that blamed the state for adding to global warm- ing and urged divestment. Oregon is considered a “green” state, through its goal of reduc- ing greenhouse gas emissions by state agencies and being the first state to commit to stop using coal- fired power. Yet the state treasury is working at cross-purposes with over $1 billion invested in the coal indus- try alone, Divest Oregon said in its report. “The state exposes Oregonians to climate and health risks, economic costs, and financial losses” through the investments, the group said. The amount that Oregon has in- vested in oil, gas and coal compa- nies — whose products are a leading cause of global warming — is prob- ably far higher than $5.3 billion. That’s because the numbers that Di- vest Oregon obtained from the state treasury through a public records request do not include private equity investments, which are not subject to public disclosure. The state treasury did not imme- diately reply to a request for com- ment. The agency’s spokesperson was tied up in a meeting Wednesday of the Oregon Investment Council, which makes investment decisions. Oregon State Treasurer Tobias Read, who is a council member, is running for the Democratic nomi- nation for governor in the Novem- ber elections. One of his platforms is combating climate change. “As governor, I will lead the effort to decarbonize our economy and avert the worst of this crisis,” he said in a recent campaign statement. “I will bring a renewed sense of urgency to building a clean energy economy and the critical infrastructure needed to meet the challenges we face.” Yet Tobias’ agency, which man- ages $130 billion of the state’s invest- ment portfolio, including the state employees pension fund, is too deep in investing in fossil fuels and in- stead should dispose of those invest- ments and put more behind green energy, Divest Oregon said. Fossil fuels investments also per- form worse than fossil-fuel-free al- ternatives, the report said. The report’s findings of fossil fuel sector investments are far higher than the $1.8 billion that a previous study released in December said was invested in the industry. That report, by the Climate Safe Pen- sions Network, said its findings were based only on partial data released by the treasury “due to delays in dis- closure by the pension fund” and that the actual amount was likely much higher. A bill that would have increased transparency in the state treasury’s investments passed the Oregon House of Representatives in March. But it died in the Senate before re- ceiving a floor vote there when the short legislative session ended. MEDFORD Cleanup continues after fire, oil release Associated Press Eugene Garcia/AP file Cargo vessels are seen anchored offshore, sharing space with oil platforms, be- fore heading into the Los Angeles-Long Beach port on Oct. 5. The Oregon State Treasury has at least $5.3 billion invested in fossil fuel companies, environmen- tal groups said in a report Wednesday that blamed the state for adding to global warming and urged divestment. Sen. Jeff Golden, one of the spon- sors of that measure, said if he wins reelection this year, he will make an- other effort in the 2023 session. “If I’m back in Salem next session, I’ll work to advance the divestment discussion,” Golden said. “Full pub- lic disclosure of investments made possible with public dollars seems like the very least we should all ex- pect.” The burning of fossil fuels like coal and gas emits gases that are a leading cause of global warming and climate change. Oregon has been suffering the effects of climate change, with a re- cord-breaking heat wave last sum- mer that killed more than 100 peo- ple, a severe drought affecting much of the state and worsening wildfires. “Oregon has a green economy, grounded in renewable energy, agriculture, and a historical com- mitment to protecting our natural spaces,” the environmental groups said in the new report. “Building on this legacy and lead- ing the country forward requires bold leadership from every govern- mental agency including, critically, divestment by the Oregon State Treasury.” Meanwhile, more states are taking steps toward divesting. On Feb. 9, New York state Comp- troller Thomas DiNapoli an- nounced that the State Common Retirement Fund will restrict invest- ments in 21 shale oil and gas-pro- ducing companies that have failed to demonstrate they are prepared for the transition to a low-carbon economy. Maryland lawmakers passed a bill this session that requires a fiduciary of the State Retirement and Pension System to consider the potential sys- temic risks of the impact of climate change on the system’s assets. Divest Oregon is a statewide grassroots coalition of individu- als and organizations representing unions, racial and climate justice groups, youth leaders and faith communities. MEDFORD — Oil cleanup con- tinues after a gas station fire in Med- ford last week, state officials said. The Oregon Department of Envi- ronmental Quality said Tuesday that the agency and NEXGEN Logistics had collected and disposed of most of the recoverable oil in and around Bear Creek. The agency says more than 20,000 gallons of petroleum products — primarily lube oil — were released during the blaze April 12 that spread from the fueling station to adjacent buildings. EPA spokesman Bill Dunbar told the Mail Tribune the estimate of spilled oil increased to over 20,000 gallons after cleanup crews inspected above-ground tanks containing gas- oline, diesel and other petroleum products and determined they were “down more.” DEQ and NEXGEN don’t have an estimate of how much oil entered Bear Creek through stormwater sys- tems and how much the fire con- sumed. NEXGEN operates the Pa- cific Pride fuel depot in Medford that burned and is paying for incident re- sponse including wildlife rescue and recovery efforts, DEQ said. Some oiled Canada geese and mallard ducks have been taken in by International Bird Rescue for care, DEQ said. The state Department of Fish & Wildlife urges people not to approach or pick up any oiled wild- life and to instead notify trained ex- perts. Occasional sheens along the creek likely will be seen over the next sev- eral weeks to months, officials said. 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