Two environmental groups and an investment firm say Vermont's investments in fossil fuel companies are hurting the state retirement funds' bottom line. State Treasurer Beth Pearce is sticking to her view that divestment from the companies would be a bad idea.
The groups 350.org and the Sierra Club joined the firm Clean Yield Asset Management on Monday to say the state had missed $77 million in potential gains in its retirement funds for teachers, state and municipal workers because it had declined to divest from fossil fuels.
Pearce says independent analysis by a state investment adviser finds Vermont's pension funds would lose $9 million a year by divesting.
Data provided by Standard & Poor's shows energy stocks down about 21 percent in the past 12 months.
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