An Act to mandate the review of climate risk in order to protect public pension beneficiaries and taxpayers

This bill requires Massachusetts' public pension funds to review and reduce investments in climate risk assets, including fossil fuels and certain biofuels, to protect beneficiaries and taxpayers. It establishes a 12-member Climate Risk Investment Review Committee within the state treasurer's office to study climate-related financial risks and develop a divestment plan. The committee must create a plan to sell or withdraw from all climate risk investments by January 1, 2026, and report annually to the governor and legislature. The law directly affects the state's pension reserves, which manage retirement funds for public employees.