BANGOR DAILY NEWS • April 3, 2023
The Democratic-led Legislature passed a bill two years ago to set a 2026 deadline for the state to dump investments in fossil fuels. A Republican-led effort targets divestment in Amazon after Whole Foods, its grocery chain, said it would stop buying Maine lobster. While these come from different ends of the political spectrum, there are parallels here. There is also one big catch that could delay or doom legislative efforts in these areas. A provision in the Maine Constitution to act solely in the “best financial interests” of those invested in the system, meaning investment cannot be dumped quickly and can only be sold when it is financially rational to do so, trumps any law.