Gov. Peter Shumlin continued his push Wednesday for the state to drop its investments in coal-related stocks and Exxon Mobil.
The governor used a Supreme Court ruling on regulating coal-fired plants to renew his call. In that ruling, which came out Tuesday, the court blocked efforts by the Obama administration to regulate emissions from coal plants, many of which are in the Midwest.
Last week the governor brought in business leaders and investment advisers to make the case that dumping investments in coal and Exxon Mobil made not only moral sense, but financial sense too.
Wednesday he brought in top officials from environmental, forestry, and fish and wildlife departments to explain the negative effects of burning coal, including acid rain and mercury pollution.
“As a state, we should not be supporting an industry that so directly pollutes our air, water and forests,” Shumlin said. Vermont has about $1.2 million in coal-related investments and $200,000 in Exxon Mobil in a pension plan with $4 billion in total investments.
Shumlin said Vermont was “the tailpipe’’ for Midwest pollution, and Natural Resources Secretary Deb Markowitz said Rutland County had “some of the worst air quality in the nation.”
Shumlin said he planned to attend the upcoming meeting of the investment board that oversees the state pensions. That board, overseen by State Treasurer Beth Pearce, has opposed divestment.
The governor said he checked with his personal investment advisers and he has no Exxon Mobil or coal-related investments, except for a small amount in the state pension fund.
Also Wednesday, Rep. Peter Welch criticized the Supreme Court decision and said it would hurt Vermont’s environment.
“I am hopeful that the Supreme Court’s decision to put a hold on the president’s clean power plan is just a temporary setback. Climate change is undeniably real and a grave threat to our economy if left unchecked,” Welch said.
“Just ask our ski areas, farmers and maple producers, all of which are experiencing its harmful effects. Coal-fired power plants are America’s largest source of carbon emissions. Transitioning away from dirty fossil fuels to clean energy sources is essential for the environment, but it is also an opportunity for American innovation and job creation. We cannot afford to wait.”
