TRENTON – The Senate Environment and Energy Committee will discuss two bills on Monday, February 5 sponsored by Senator Bob Smith that are aimed at combatting climate change and aligning New Jersey’s investments with the state’s climate goals.
The bills, which will be for “discussion only”, would prohibit the investment by New Jersey of pension and annuity funds in the 200 largest publicly traded fossil fuel companies, and require divestment for those who have already been invested in, as well as propose an amendment to New Jersey’s Constitution that would prohibit the construction of new fossil fuel power plants. The committee will meet at 10:00 AM in Committee Room 6, 1st Floor, Statehouse Annex, Trenton, New Jersey.
“These bills are meant to align our state’s investments with the reality of climate change, and prohibit new fossil fuel power plants from further exacerbating the climate crisis,” said Senator Smith (D-Middlesex/Somerset), the Chair of the Environment and Energy Committee. “I welcome a lively, comprehensive discussion with environmental advocates, industry representatives, and members of the public during the hearing on Monday.”
The two bills are as follows:
- S-198: Prohibit the investment by the state of pension and annuity funds in, and requires divestment from, the 200 largest publicly traded fossil fuel companies.
· SCR-11: Proposes an amendment to the New Jersey Constitution that would prohibit the construction of new fossil fuel power plants.