Bill would make Vt. 1st state to drop oil stocks - WCAX.COM Local Vermont News, Weather and Sports-

Bill would make Vt. 1st state to drop oil stocks

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MONTPELIER, Vt. (AP) - When Vermont lawmakers return to work in about six weeks, they will consider whether the state should sell off its investments in oil, coal and other fossil fuel companies.

Legislation drafted in the House and Senate would require pension funds covering Vermont teachers and state and municipal employees to sell off those investments to avoid promoting activities that contribute to climate change.

State Treasurer Beth Pearce disagrees with the strategy, saying it's better for Vermont to work from within to change the companies' activities and encourage pursuit of more renewable energy resources.

Environmental writer and activist Bill McKibben, whose group 350.org supports divestment, says the strategy of working from within has been tried for a generation but has not been effective.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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