Legislative Counsel presented an amendment, recommended by the Treasurer, on Friday. The amendment adds a new definition of de-minimus exposure which means holding less than 2% of the overall investment. The language recommends that VPIC develop a plan which identifies stocks and securities are carbon-heavy and make suggestions on how to divest by the end of 2030 with minimum exposure of funds.

After being passed by the Appropriations Committee earlier in the week, S.5 arrived on the Senate Floor Thursday afternoon.

Action Alert!

Friends, the Senate is voting TODAY on a bill to introduce a carbon pricing scheme for home heating fuels that the Scott Administration says will increase the cost of heating fuels at least $0.70 per gallon. This morning I sent the letter below to all our Senators, but we need you to speak out as well. NOW is the time to make your voice heard. If carbon pricing on heating fuels will hurt your family's financial stability, Senators need to hear from you!

The Senate Appropriations Committee dove back into S.5 on Tuesday. Chairwoman Kitchel notified the Committee that it was her intention to add a study and a check-back provision to the bill.

Kitchel highlighted the importance of a “potential study.” It informs everything else, including the economic and technical feasibility of the plan. Based on Julie Moore’s testimony (Secretary, Agency of Natural Resources), this study needs to be the first step in this process, and must be added to the bill.

On Thursday the Senate Natural Resources Committee brought up the topic of possible amendments to S.5. It was a short discussion and no major changes where proposed, however they did discuss some minor concerns from Xusana Davis’ testimony the previous week.

After sitting nearly a week, S.5 was brought up in the Senate Appropriations Committee on Thursday afternoon. June Tierney (Commissioner, Department of Public Service) testified that the $400K allocated in S.5 is not enough funding to achieve the goals for her department set out in the bill.

Tierney generally supports the idea of “potential study” to see what the impact will be and to discover if climate goals are practical and can be fulfilled. She pointed to questions like what is out there, what can be done, and at what cost?

The Senate Natural Resources Committee took up S.5 again on Tuesday.

The Senate Government Operations Committee reviewed S.42 on Thursday, which would divest state pension funds from fossil fuel investments.

The Senate Natural Resources Committee came back to S.5 on Thursday for mark-up of the bill. Chairman Bray thought they were dealing with mostly just minor corrections at this point, fixing typos and minor date changes, etc. Larger discussion points were deferred until later.

The Senate Natural Resources Committee returned to testimony on S.5 Wednesday, hearing from Judy Dow (Executive Director, Gedakina) who called out the Committee for listening to “only Jared Duval.” Listening to only one story is a mistake.