Maine is the first state to require that its state pension system be delinked from the fossil fuel sector by 2026, a modest but significant move. Governor Janet Mills signed LD 99 into law. Janet Mills signed LD 99 into law on June 16. It requires that the Maine Public Employee Retirement System divest the 1.3 million dollars it has stashed in the fossil fuel sector by January 1, 2026. The state treasury must also divest before that date.Although several states and cities have taken steps towards divestment over the past few years, Maine is still the only state that requires it. Many cities have already committed to divestment from fossil fuels by 2040 or 2050, but scientists warn that this is too late to stop the worst effects of climate change. Maine has set their goal for five years. The state is now a leader in the divestment movement, having achieved its first success within its borders. Unity College was the first institution to divest from fossil-fuels. It was a small school located in rural Maine that placed a strong emphasis on the environment. The endowment at Unity College was only a few millions dollars. This was in 2012. Since then, more than $14 trillion has been invested in the movement.AdvertisementAdvertisementAdvertisementThe Maine move also shows that climate change mitigation is being considered more seriously. Divertment has been a major push for young climate activists around the world for over a decade. As an undergraduate student at Harvard University, I am an organizer for Fosil Fuel Divest Harvard. This student campaign aims to get the university to reduce its large investment in fossil fuels. (The Maine connection is not just thematic. Our campus movement was founded in 2012 by Chloe Maxmin, a Maine State Senator and co-sponsor of LD 99. This was back when Maxmin was a student at the college. The institution currently invests $838million of its $42Billion endowment in fossil-fuels. Young people are responsible for the increasing success of the divestment campaign. Harvard students have occupied football fields, organized protests, pancake breakfasts, and even taken to TikTok. Similar actions have been taken at other schools by divestment groups. Students organizing groups at other schools have obtained commitments to divest from fossil fuels at Columbia Brown, Cornell, Rutgers and Amherst Universities in the last year.AdvertisementAdvertisementAlthough Harvard's net-zero plan by 2050 is not yet qualified as a divestment success tale, it is still resonating beyond campus walls. The bill, introduced by Mike Connolly of Massachusetts and Erika Uyterhoeven, would require Harvard to sell. This is to argue that Harvard's investments are detrimental to the Massachusetts commonwealth. Fosil Fuel Divest Harvard filed a complaint to the Massachusetts attorney general, claiming that Harvard's fossil fuel investments are against the university's fiduciary obligation as a charity institution. The decision by the attorney general to declare Harvard's fossil fuel investments unacceptable could change the national dialogue on divestment. This is similar to Unity's smaller efforts.AdvertisementMaine's actions are so important because of this. Because it stigmatizes fossil fuel corporations, divestment is a popular trend. This is evident by the fact that fossil fuel companies are trying to greenwash their businesses as their current model falls out of fashion. Even fossil fuel investors are being included in this stigmatization. However, divestment is becoming a more important financial decision. In 2020, fossil fuel companies suffered record-breaking losses. This trend will only continue. Funds that are not used for fossil fuels should be diverted to renewable energy. This would help the planet. Cassie Cain is the Maine Climate Action Now youth engagement coordinator. She stated that if the fossil fuel industry had less political influence, it would allow for more funding and political decisions to be made for renewable energy. This will help to support a just transition from fossil fuels.Divestment is ultimately about shaking off the dangerous belief that fossil fuel companies can change course before it's too late. Maine's decision to divest shows that the decades-long struggle for planet Earth and our own survival is paying off. It is encouraging that even the most powerful institutions can come to terms financially and ethically with the volatility of the fossil fuel sector. Maine is only one state. There will be more.
