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Pennsylvania State Senate
04/25/2024 03:54 PM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20210&cosponId=36969
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Senate of Pennsylvania
Session of 2021 - 2022 Regular Session

MEMORANDUM

Posted: March 4, 2022 09:26 AM
From: Senator Patrick J. Stefano
To: All Senate members
Subject: Prohibiting Investment in Companies that Boycott Fossil Fuel-Based Energy
 
In the near future, I plan to introduce legislation prohibiting Pennsylvania from investing in companies that boycott fossil fuel-based energies.
 
Pennsylvania has long been a powerhouse in the energy sector.  In fact, Pennsylvania is the third-largest producer of electricity in the nation and leads in exporting electricity to other states.  The reality is that our status as an energy producer is largely due to fossil fuels.  Nationwide, Pennsylvania is second only to Texas in natural gas production and is the third-largest coal-producing state.
 
Unfortunately, attempts to implement environmental, social, and corporate governance investing, more commonly referred to as ESG or “sustainable investing,” are becoming more common.  As Pennsylvanians are struggling to rebuild and are reeling from rising prices due to inflation, we should be committed to protecting all energy sources.
 
Further, as we witness the atrocities committed by Russia, it is more important now than ever that we secure our energy independence and strengthen our power grid to ensure its reliability and resiliency.  The most cost-effective way to achieve this goal is to take advantage of the tremendous natural resources our Commonwealth has to offer. 
 
My legislation will require the creation and maintenance of a list of companies that boycott fossil fuel-based energy.  Once completed, Pennsylvania’s investment portfolio can be cross-referenced with this list to ensure we are supporting companies that support Pennsylvania jobs and resources. 
 
I hope you will join me in co-sponsoring this legislation to take a stand against energy discrimination.  If you have any questions regarding this information, please contact Jake Gery in my office at jgery@pasen.gov.