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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