New Jersey S604 prohibits pension and annuity funds from investing in the 200 largest fossil fuel companies and mandates divestment from these.
New Jersey S604 prohibits the state from investing pension and annuity funds in the 200 largest publicly traded fossil fuel companies based on carbon content. The bill requires divestment from these companies within one year, except for coal companies, which have a two-year deadline. The Director of the Division of Investment can halt divestment, reinvest, or continue investing if divestment causes the funds' value to drop to 99.5% or less of their hypothetical value without divestment. The State Investment Council and the Director must report on divestment efforts and affected companies.
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- Critical Issues
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