Colorado

Title

Key Dates

Nature of
Action

ESG Category

Summary

SB23-016: Greenhouse Gas Emission Reduction Measures

Effective date 8/8/2023

Adopted
5/8/2023

Introduced
1/10/2023

Legislation

Promote ESG Factors in Investment and/or Proxy Voting Decisions

■ Requires the Public Employees' Retirement Association (PERA) board to report a description of climate-related investment risks, impacts, and strategies.

Title

Key Dates

Nature of
Action

ESG Category

Summary

HB23-1092: Concerning Limitations on the Use of State Money

Introduced, but did not pass in the 2023 legislative session

Legislation

Restrict Use of ESG Factors; Focus on Pecuniary Characteristics

■ Prohibits assets held by PERA and the state treasurer from being used to further certain social, political, or ideological interests beyond what the controlling state and federal law require. Requires both to make investments based solely on financial factors.

■ Requires a government contract to include a verification that a company entering into a government contract does not, and will not during the term of the contract, engage in an economic boycott to further certain social, political, or ideological interests.

■ Prohibits a person from penalizing a financial institution for complying with the non-economic boycott verification requirement.

Target Entities that Boycott Certain Industries

SB23-026: Financial Institution Discrimination Environmental Criteria

Introduced, but did not pass in the 2023 legislative session

Legislation

Prohibit Discrimination on Basis of Social Credit or ESG Scores

■ Prohibits financial institutions that do business in Colorado (directly or through a contractor) from discriminating against any person based on environmental criteria, such as a score based on how a person impacts the environment. Treats a financial institution's violation of this prohibition as an unfair or deceptive trade practice.