HI HCR51

Urges the Board of Trustees of the Employees' Retirement System to work with a reputable investment consulting firm experienced in managing fossil fuel-free portfolios to assess the impact of fossil fuel investments on the system's portfolio.

Requires the Board to prepare and submit a report to the Legislature before the Regular Session of 2018 evaluating the impact of fossil fuel investments over the past one, three, and five years.

Report must quantify losses and gains from fossil fuel investments and compare them to a rebalanced portfolio with those investments distributed in other sectors.

Establishes context citing Hawaii's commitment to 100 percent renewable energy by 2045, global climate change concerns, declining fossil fuel stock values, and similar actions by major pension funds like CalPERS and CalSTRS.