Environmentalists worried about global warming are pressing state lawmakers for a new law that would require the $14 billion Hawaii public employees pension fund to pull its money out of fossil fuel investments.

Anthony Aalto, chairman of the Sierra Club’s Oahu Group, told members of the Senate Judiciary and Labor Committee that investments in fossil fuels have been money losers in recent years, and funds that have divested have benefited from that decision.

Aalto also reminded the committee members at a Friday hearing that Hawaii has set a goal of shifting to 100 percent renewable energy by 2045, and said it is “not just financially reckless, but unseemly” for the state’s Employees’ Retirement System to essentially bet against one of Hawaii’s most important priorities.

Noel Kent, professor in the University of Hawaii at Manoa’s Department of Ethnic Studies, said he is counting on the ERS for his own retirement, and wants the pension fund to “clean out” from its portfolio any investments it has in fossil fuels.

Kent said environmental groups around the nation are mobilizing to block new fossil fuel infrastructure projects and development, and argued investments in fossil fuels are “much too risky” for the pension fund to carry.

Kent and Aalto were both testifying in support of Senate Bill 2155, which would require that the ERS divest itself by 2021 from all companies in its portfolio identified as coal, oil or gas companies.

Thomas Williams, ERS executive director, estimated at the hearing the fund now holds $600 million to $800 million in direct investments in fossil fuel companies. After further research, Williams revised that estimate downward and said the pension fund actually has $537 million in direct and indirect investments in fossil fuel companies.

Williams acknowledged that investments in fossil fuels overall have performed poorly over the past five years or so, but was unable to say how much the value of ERS investments in that sector may have declined during that period.

Williams told lawmakers that forced divestment would increase risks for the pension fund, and could lock in any losses that the fund has suffered.

Forcing a sale of fossil fuel investments now “would be harmful to the interests of ERS and our members,” Williams said. “If we are forced to sell a stock now, I guarantee you there will be losses.”

A better strategy would be to hold those investments until they regain their value, he said. Williams said he is unaware of any major public pension fund that has divested from all fossil fuel companies, although some have divested from coal companies.

The ERS serves about 118,000 active or retired state and county employees.

Judiciary Committee Chairman Gil Keith-Agaran (D, Waihee-Wailuku-Kahului) said he will decide on Feb. 9 whether to approve the bill and allow it to advance to the Senate Ways and Means Committee.