Lawmakers push for major financial changes to critical pension systems: 'It is really imperative'
Senate Bill 130 would prohibit the pension systems for legislators, state employees, university workers, judges, and teachers from investing in fossil fuel companies. The legislation would make it mandatory for Illinois' five pension systems to complete divestment from those institutions by 2030.
The Democrats behind the bill are encouraging the state to move toward clean energy and away from oil and gas investments.
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"It is really imperative for the state pension funds to be more mindful and aligned with the Climate and Equitable Jobs Act that we made a commitment to, and this will align with that," Senator Adriane Johnson, a sponsor of the bill, said.
The Climate and Equitable Jobs Act was signed into law by Illinois Governor JB Pritzker back in 2021. The law includes plans to phase out air pollution from energy and transportation sectors. It also requires the Illinois Environmental Protection Agency to establish grant and rebate programs for electric vehicles and charging stations.
According to the U.S. Environmental Protection Agency, coal, natural gas, and oil release nitrogen oxide into the atmosphere, driving the formation of smog and acid rain. Gas-powered cars, large industrial operations, and coal-fired power plants are all major sources of nitrogen oxide emissions.
In order to reduce air pollution, the EPA recommends cutting back on driving gas-powered vehicles. Consider carpooling, taking public transit, or riding a bike. You can also conserve energy by limiting the use of air conditioning and turning off the lights when they're not in use. Conserving energy not only helps the environment, but it also helps lower your utility bills.
Representative Will Guzzardi, a Democratic budget leader, said divesting pension funds from oil and gas companies in Illinois would eventually increase returns. "Not only is it aligned with our goals on climate, but it is aligned with our goals on guaranteeing a safe retirement for all public employees," Guzzardi said.
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