HI HCR170

Urges the Employees' Retirement System Board of Trustees to work with a reputable investment consulting firm to assess the impact of fossil fuel investments on the ERS portfolio over the past one, three, and five years.

Requires the report to quantify losses and gains from fossil fuel investments and compare them to a hypothetically rebalanced portfolio with those investments distributed in other sectors.

Report must be submitted to the Legislature prior to the 2017 Regular Session.

Cites Hawaii's 40 percent renewable energy goal by 2030, the University of Hawaii's carbon neutrality target by 2050, and global climate change concerns as justification for the review.

References declining fossil fuel stock values and warnings from financial experts about a potential "carbon financial bubble" as rationale for evaluating ERS fossil fuel holdings.