(1) As used in this section: (a) Just transition means efforts to ensure that the transition to a low-carbon economy is fair, collaborative and inclusive. (b) Scope 1 emissions means emissions from sources that a firm owns or controls directly. (c) Scope 2 emissions means emissions from the production of energy used by a firm. (2) The Oregon Investment Council and State Treasurer, in the State Treasurers role as investment officer for the council, shall act reasonably and in a manner consistent with ORS 192.355, 238.660, 293.721 and 293.726 and contractual obligations to: (a) Actively analyze and manage the risks of climate change to the Public Employees Retirement Fund, including reporting on and analyzing the risks of the levels of scope 1 and scope 2 emissions of fossil fuel investments within the fund; (b) Analyze how the integration of climate change analysis will help to achieve overall portfolio return objectives; (c) Pursue the goal of reducing the carbon intensity of the fund through a preference for investments that reduce net greenhouse gas emissions in order to participate in the energy transition; and (d) Provide a report, in collaboration with beneficiaries of the fund, to the Legislative Assembly each biennium about the progress toward an investment program that addresses the impact of climate change factors on the investment portfolio, which may include, without limitation: (A) Reporting on progress toward carbon intensity investment goals as established by the State Treasurer; (B) Reporting on progress toward investing in public equity holdings that incorporate the tenets of a just transition in their overall priorities and portfolio; and (C) Incorporation of pertinent advancements and methodologies in measuring progress toward goals and benchmarks, recognizing that the science and methods of carbon intensity measurement are regularly evolving. (3) The Oregon Investment Council, jointly and individually, the State Treasurer and employees of the office of the State Treasurer shall be indemnified and held harmless by the State of Oregon from all claims and damages incurred pursuant to this section. (4) Nothing in this section requires the Oregon Investment Council or the State Treasurer to take any action pursuant to this section unless the council or State Treasurer determines in good faith that the action is consistent with fiduciary responsibilities as described in ORS 238.660, 293.721 and 293.726. Note: 293.809 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
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