Tracking Oregon’s progress in reducing climate impact of its public employees retirement fund

In 2024, former Oregon state Treasurer Tobias Read unveiled a plan to make the state’s public employees retirement fund investments achieve net zero emissions by 2050. Last September, Gov. Tina Kotek signed into law the Climate Resilience Investment Act which directs the Oregon Treasury to pursue profitable clean energy investment opportunities and reduce fossil fuel holdings in the retirement fund, which is valued at more than $100 billion. 

A new report released this week by the Oregon State Treasury details the progress Oregon is making to reduce the climate impact of its investment portfolio. It found, for example, a more than 50% decrease in the climate intensity of its investments between 2022 and 2023. Investments in renewable energy, EV charging, carbon credits and battery materials also doubled to $2.4 billion between January 2022 and June 30, 2025.  

Oregon state Treasurer Elizabeth Steiner joins us to share more details and discuss the uncertainties lying ahead as the state tries to balance its pension system obligations with climate-cutting goals despite the Trump administration’s embrace of fossil fuels.