In collaboration with Warheads to Windmills, the Coalition for Responsible Investment, and Jewish Voice for Peace Boston, MAPA held a lobby day at the State House on Tuesday, May 21. Over 30 advocates gathered in teams to lobby members of the state legislature on two divestment bills, including one of MAPA’s priority bills, the Responsible Investment Bill.
This bill, formally known as An Act Promoting Responsible Investment (H.1264/S.767), requires the state Public Fund (PRIM), which is responsible for the oversight of the state pension investment portfolio, to divest pension funds from companies involved with the manufacturing, production, or sale of weapons of mass destruction (WMD). WMD are defined as more than just nuclear weapons, including chemical and biological weapons, as well as high explosives, incendiaries, and poison gases.
Over $100 billion in assets is managed by PRIM, of which about $2.1 billion is invested in companies tied to WMD, including RTX (Raytheon) and Lockheed Martin. The Responsible Investment Bill aims to divest from such entities that are not only morally irresponsible, but also financially risky, in order to create opportunities for investment in programs that actually meet the needs of MA residents and have long-term stability, such as community infrastructure and clean energy.
The other bill, An Act to mandate the review of climate risk in order to protect public pension beneficiaries and taxpayers (H.2811), initiated by Warheads to Windmills, has similar messaging, but is focused on divesting the pension fund from fossil fuels. As of 2021, about $2.5 billion in PRIM managed assets is invested in the fossil fuel industry. Much like WMD, fossil fuels are both fiscally and ethically irresponsible, and contradict the state’s climate change policy. Beyond their contribution to the climate crisis and harm to the environment, fossil fuels cause economic damage by causing faults to physical infrastructure and disrupting supply chains. As the world moves toward sustainable energy, investments in fossil fuels are growing increasingly unstable.
As the Responsible Investment Bill resides in the Joint Committee on Financial Services and the fossil fuel divestment bill is housed by the Joint Committee on Public Service, on Tuesday, the lobby teams responsible for each bill mainly met with staff of senators and representatives on these particular committees.
Massachusetts has led divestment efforts in the past, including in 1982 when the state became the first to divest from companies involved in South Africa Apartheid, and lobbyists urged the legislature to be a leader once again. While all lobbyists spoke to why these bills are significant to them, the overall messaging shared during these meetings was centered around the idea that the investment of state employee pensions should not be in such risky industries with detrimental impacts on people and the environment.
Immediately following the advocacy inside, lobbyists were encouraged to join activists on the steps outside of the State House where speeches were given, chants were shouted, and songs were sung, concluding an eventful day on Beacon Hill.
To continue advocating for the Responsible Investment Bill, send a message to your state legislators today! To urge your representatives to support the fossil fuel divestment bill, visit https://warheadstowindmills.org/ma/.
