Energy (Coal)

HD 3369 establishes a Climate Change Adaptation Superfund to finance projects that help communities prepare for and recover from climate impacts. It requires fossil fuel companies and entities that extracted coal, oil, or natural gas in Massachusetts between 1995 and 2024 to pay into the fund based on their historical greenhouse gas emissions. Payments will support concrete adaptation projects like upgrading stormwater systems, retrofitting public buildings for energy efficiency, and protecting communities from extreme weather. The fund prioritizes environmental justice communities - neighborhoods with high poverty rates, minority populations, or limited English proficiency - to ensure equitable access to climate resilience efforts.

This bill allows Massachusetts public pension funds (like state employee retirement systems) to sell investments in fossil fuel companies and shift toward fossil fuel-free investments. It authorizes these funds to divest from companies in coal, oil, or gas sectors (defined by specific industry codes) and invest in index funds or other options without fossil fuel holdings. The change requires following the fund's existing procurement process under Chapter 32, Section 23B. The bill takes effect immediately upon passage.