This is an urgent demand for the State of Oregon to comply with international law and stop violating the human rights of Palestinians through its agent, the Oregon Treasury.

We, the undersigned, petition the Oregon Treasury and the Oregon Investment Council (OIC) to discontinue investments in Israel Bonds for as long as Israel remains an apartheid state and in Caterpillar Inc. and Bank of America while these companies are complicit in genocide. [1] The undersigned union representatives commit to divest from Israel Bonds, Caterpillar Inc., Bank of America, and other investments in corporations complicit in the apartheid and genocide of Palestinians. We also demand the Oregon Treasury develop a human rights investment policy to prevent such investments in the future.

According to the “plausible evidence” presented by South Africa to the International Court of Justice and what we ourselves have witnessed since October 2023 and before, Israel is carrying out a genocide in Gaza. The United Nations Human Rights Council and major human rights organizations including Al-Haq, Amnesty International, B’Tselem, and Human Rights Watch have concluded that Israel is an apartheid regime in violation of the UN Convention on Apartheid. Israel occupation forces use Caterpillar bulldozers to kill and bury Palestinians as well as illegally destroy civilian infrastructure, and have buried alive hospital workers, patients, and other displaced people who were sheltered in a Gaza hospital. [2]

Currently, the Oregon Treasury holds a $1 million investment in Israel Bonds at 1% interest, far below the inflation rate and in violation of Treasury’s legal and fiduciary duty to obtain the best possible return for the pension fund of Oregon public employees. According to the latest Short-Term Fund’s holdings report from March 2024, the Fund has invested about $235 million in Bank of America and $245 million in Caterpillar Financial Services, a wholly owned subsidiary of Caterpillar, Inc.

Oregon fails to meet its international human rights obligations as it contracts with Bank of America, Caterpillar Financial Services, and the state of Israel as each continues to violate the human rights of Palestinians. [3] The United Nations High Commissioner for Human Rights (UNHCHR) warns both states and financial institutions, including Bank of America, that “[f]ailure to prevent or mitigate their business relationships with these arms manufacturers transferring arms to Israel could move from being directly linked to human rights abuses to contributing to them, with repercussions for complicity.” [4] Aiding the Israel government directly or through Caterpillar, Bank of America, or other companies implicated in human rights violations is a crime of genocide itself, per the UN Convention on Genocide.

Not only are these investments human rights violations, but they are also massively contributing to the climate crisis, flouting Oregon Treasury’s own policies. In just the first two months of Israel’s siege on Gaza, more planet-warming emissions were generated than the yearly carbon emissions of more than 20 of the world’s most climate-vulnerable nations. [5] This is contrary to Oregon State Treasury’s commitment to reduce emissions by 60% by 2035 and to net zero by 2050. [6]

Oregon precedent also demands divestment action by Oregon Treasury and OIC. Oregon legislature’s recent passage of the Coal Act suggests that Oregon Treasury should also be risk-averse to any investments that aid the Israel government’s apartheid and genocide practices, for which there is ample evidence. Any investment supporting the state of Israel is inherently risky in light of the potential for criminal prosecution and international sanctions. The Oregon Treasury and OIC must also look to the 2005 Oregon Human Rights and Anti-Genocide Act (Senate Bill 1089) which outlined divestiture guidelines from companies doing business in Sudan as long as its "campaign of human rights violations, atrocities or genocide continues." [7] The Oregon Treasury must also develop a human rights investment policy to prevent such investments in the future.

We have watched in horror as Israel escalates its longstanding oppression of Palestinians to full-scale genocide, with the wholesale support of the United States. Never before have we had such evidence of atrocities presented in real-time, and our shocking failure to act on a global scale will sicken generations to come. In addition to the constant threat of artillery and bombs, facing kidnapping and abuse as hostages, Palestinians in Gaza are starving, dehydrated, and facing disease as a result of large-scale human rights violations.

Palestine will be free, but many people of Gaza are running out of time. We must act to stop apartheid and genocide, and at a minimum divest from structures supporting it. We urgently demand the Oregon Treasury and the Oregon Investment Council comply with international law, UN recommendations, Oregon legislative precedent, and its own guiding principles to divest from Israel Bonds, Caterpillar Inc., and Bank of America.

References:
[1] States and companies must end arms transfers to Israel immediately or risk responsibility for human rights violations: UN experts UN experts (UN Human Rights Office of the High Commissioner, 2024). Available at https://www.ohchr.org/en/press-releases/2024/06/states-and-companies-must-end-arms-transfers-israel-immediately-or-risk

[2] Caterpillar did not respond to concerns raised over use of its bulldozers by the Israeli army in the ground invasion of Gaza​​(Business and Human Rights Resource Centre, 2024). Available at https://www.business-humanrights.org/en/latest-news/caterpillar-did-not-respond-to-concerns-over-use-of-its-bulldozers-use-by-the-israeli-army-in-the-ground-invasion-of-gaza/

[3] Guiding Principles on Business and Human Rights (UN Human Rights Office of the High Commissioner, 2011). Available at https://www.ohchr.org/sites/default/files/documents/publications/guidingprinciplesbusinesshr_en.pdf

[4] States and companies must end arms transfers to Israel immediately or risk responsibility for human rights violations: UN experts (UN Human Rights Office of the High Commissioner, 2024). Available at https://www.ohchr.org/en/press-releases/2024/06/states-and-companies-must-end-arms-transfers-israel-immediately-or-risk

[5] Emissions from Israel’s war in Gaza have ‘immense’ effect on climate catastrophe (The Guardian, 2024). Available at https://www.theguardian.com/world/2024/jan/09/emissions-gaza-israel-hamas-war-climate-change

[6] A Pathway to Net Zero: Positioning The Oregon Public Employees Retirement Fund For a Net Zero Carbon Future (State Treasurer Office, 2024) Available at https://www.oregon.gov/treasury/Documents/Site-Documentation/Landing-Page-Documents/Sustainable-Investing/OST-Net-Zero-Plan.pdf

[7] Oregon Human Rights and Anti-Genocide Act of 2005
Annual Report to the Legislative Assembly (State Treasurer, 2013). Available at https://www.oregonlegislature.gov/citizen_engagement/Reports/2013_Treasurer_Oregon%20human%20rights%20and%20anti-genocide%20act%20of%202005.pdf