Virginia attorney general denounces ESG investments in state retirement fund

Associated Press/Report for America

Virginia Republican Attorney General Jason Miyares has released an advisory opinion saying that the state’s retirement system should not make investments that prioritize environmental issues, social issues and corporate governance. Miyares’ opinion, written at the request of Republican Del. Nick Freitas, comes after other state pension programs chose to make such investing decisions. States such as Illinois and Maryland consider sustainability and climate risks in their asset-related decisions. In Maine, the state’s pension fund will divest from fossil fuels by 2026. Opinions by the attorney general are advisory and are not binding on the courts.