PORTLAND PRESS HERALD • January 15, 2025
Oil and gas companies spent over a trillion dollars on new wells, pipelines, refineries and ports in 2023 alone. To pay off these investments, these facilities must operate for 30 years. CO2 emissions reached a record high of 37.4 billion tons in 2023. If the status quo continues, life as we know it could be over before this century ends. At a recent board meeting a Maine Public Employees Retirement System analyst declared, “We don’t make bets.” But continued investment in fossil fuels is betting that 66,000 peer-reviewed studies are wrong that carbon emissions are causing serious damage. Nor was there mention of risks, not just risks to human health and life on the planet. Also, the risk to fossil fuel companies caused by the growing number of lawsuits against them — now at 86 and counting. A law requires that MainePERS divest from fossil fuels by 2026. No one expected it to pull the plug all at once. But with no plan in place, that may end up being its only option. ~ Sue Inches, MainePERS member, North Yarmouth