Vermont BusinessesforSocial ResponsibilityVermont legislators heard two sides of the divestment debate last week as a Senate committee began testimony on a bill that would see the state cease investing in fossil fuel stocks, according to VBSR's Week 2 legislative newsletter.Eric Becker, the chief investment officer at Clean Yield Asset Management in Norwich, a VBSR member, spoke to both the Legislature's Climate Caucus and the Senate Government Operations Committee last week. He said that fossil fuel investments have become risky financial bets and that the industry is offering more fossil fuel-free funds due to investor concerns over the economic and environmental consequences of investing in coal, oil, and gas.
Becker told lawmakers that if Vermont had divested from the top 200 fossil fuel companies three years ago there would be about$77 million more money in the state pension funds today.
State Treasurer Beth Pearcecautioned lawmakers against legislating divestment for state pension funds. She warned that the funds would be hurt financially and face hefty transaction fees and costs associated with divesting. The move is also not supported by the organizations representing the state and municipal employees that benefits from the funds, she added.
Gov. Peter Shumlinmade a surprise endorsement of fossil fuel divestment in his "State of the State" speech last week, calling on lawmakers to send him a bill similar to the one passed recently in California, which recently divested state pension funds from companies that earn at least 50% of revenue from coal mining. Shumlin said Vermont should also divest from Exxon-Mobil stock, pointing to recent reports that the company has misled the public and policy-makers about climate change for decades.
VBSR believes it does not make sense for Vermont to invest in fossil fuel companies on one hand while also combating global climate change with the other hand. Vermont should begin divesting from fossil fuel stocks in a responsible and timely manner that does not harm the financial sustainability of the pension funds that retired state and municipal employees rely on.
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Senate Hearings on Earned Paid Leave Start This Week The Senate Economic Development, Housing, and General Affairs Committee will begin hearings on H.187, the bill establishing a minimum standard of paid time off for all workers in Vermont. The bill passed the House last year and this week's hearings, which will last the mornings of Tuesday, Wednesday, and Thursday, mark the first time the Senate has considered the bill this year.The list of scheduled witnessescan be seen here.
Read why VBSR supports this billand listen to two VBSR members -Paul Millman from Chroma Technology and Jen Kimmich from The Alchemist-discuss why they support the billduring a recent radio interview. |
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VBSR Members Talk 'Ban the Box' on Radio Show
More than 100 cities and counties and nearly 20 states have 'banned the box' and VBSR believes this common sense proposal will work in Vermont too. That's why we are supporting a bill at the Vermont State House this year that eliminates the criminal history question on job applicants. Employers can still conduct background checks or ask about convictions during job interviews, but VBSR believes the initial employment review should focus on skills, qualifications, and job history.
Listen toRuss Bennett,a VBSR Board member and the owner of Northland Design & Construction, discuss the importance of giving Vermonters a second chance,in this interviewwith David Goodman on WDEV's The Vermont Conversation. |
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Senators consider Dr. Dyno 2.0
Does the expansion of a popular state health program for children hold the key to cutting Vermont's health care costs?
Peter Sterling, the campaign director of Dr. Dynasaur 2.0, a coalition of organizations and business groups, told the Senate Health and Welfare Committee last week that his proposal could save the state money and help Vermont avoid huge new fees associated with the excise tax levied on high-quality health plans under the Affordable Care Act.
Sterling proposes expanding the age eligibility of Dr. Dynasaur to 26 and dropping the income eligibility standards. He told lawmakers that this is a more manageable approach to health care reform. The coalition is seeking about $400,000 in state funds to study the prospect, including estimating potential savings to the state, businesses, and families, and how to fund the expanded program. Read Sterling's testimonyto the Senate health care committee. |
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Comprehensive Energy Plan Released
Gov. Shumlin'sadminstration released the latest draft of the state's Comprehensive Energy Plan last week, a document that calls on the state to reduce energy consumption and be 90% renewable-powered by 2050.
The report can be read on-line here. This latest version of Vermont's Comprehensive Energy Plan recommits to the state's long-term energy goals and sets up interim benchmarks for progress, including reducing total energy consumption by 15% and boosting the state's green energy sources to 25% by the year 2025. Shumlin said there are ten times as many solar panels in Vermont today than when he took office five years ago and that the renewable energy sector employs more than 16,000 people in the state. |
