A new law passed in Maine makes it the first state to commit to dumping it’s existing fossil fuel holdings.
According to CBS 13, the new law signed Wednesday by Governor Janet Mills means Maine will commit to moving away from fossil fuels over the next five years. It will require the state cash pool and the Maine Public Employee Retirement System to sell off $1.3 billion from coal, oil and gas companies by 2026.
An independent analysis concluded that fossil fuel holdings have lost value since 2014, and have cost retirees in the state millions of dollars.
The law goes into effect 90 days after the legislative session adjourns.
