[T]he Vermont House passed a resolution Friday, asking a state pension panel to consider divesting stocks in coal companies and Exxon Mobil. The advisory measure passed 76 to 57, along party lines.
Floor discussion of the issue lasted about an hour.
Lawmakers first debated an amendment offered by Rep. Job Tate, a Republican, that would “invest the State’s funds in a manner that results the best possible yield” on taxpayer dollars. That proposal failed, 54 to 79.
Rep. Ron Hubert, R-Milton, said “now is not the time to tell people we are playing with their money.”
Others questioned whether the resolution paved the way for calls to divest from companies that do business in China and other countries that have committed human rights violations.
Rep. Jim Condon, D-Colchester, asked, “Where does it end?”
Progressive representative Chris Pearson of Burlington countered that the resolution, which is merely advisory, is an “embarrassingly” modest step.
“It’s been said we shouldn’t meddle [with the pension system],” Pearson said, “but what they’re really saying is, we shouldn’t speak up.”
He choked up as he said by the time his young children are teenagers, the nation and the world must have already adopted radical changes in order to slow rising global temperatures. The compromise at the Intergovernmental Panel on Climate Change involved 196 countries. The least the Vermont House could was recommend a small change that could have a lasting impact, he said.
Rep. Rodney Graham, R-Williamstown, then told supporters: “I urge all of you to walk home and turn your furnaces off.”
The resolution supports Gov. Peter Shumlin’s call in his State of the State address for state divestment of all fossil fuels. His proposal has met with opposition from a member of his own party — State Treasurer Beth Pearce, who says her primary obligation is to protect retiree investments. The state has about $4 billion in investments for retired teachers, municipal workers and state employees. About $48 million is invested in fossil fuel stocks.
The governor spoke directly to the Vermont Pension Investment Committee on Wednesday, and urged the panel to consider divesting $200,000 in Exxon Mobil stocks and as much as $1.1 million in coal investments.
Pearce says a subcommittee will be formed to study the proposal.
