HI HB342

Prohibits the Hawaii Strategic Development Corporation from making investments in fossil fuel companies (coal, integrated oil and gas, or oil and gas exploration and production) and firearm companies.

Requires the corporation to refrain from acquiring new assets or securities in fossil fuel and firearm companies, with annual disclosure of all existing holdings on the corporation's website beginning December 31, 2019.

Establishes a subaccount within the Hawaii Strategic Development Corporation revolving fund and requires 10 percent of earnings from investments, venture agreements, royalties, and fees to be deposited into this subaccount and not expended by the corporation.

Adds definitions for "firearm," "firearm company," and "fossil fuel company" to Hawaii Revised Statutes Section 211F-1.

Effective date is January 1, 2025 for the investment restrictions and fund provisions.