Both supporters and opponents of greater disclosure on climate-related financial risk are urging the Labor Department to complete its current agenda before pursuing additional rules to protect retirement savings and pensions from climate risk.
Despite differing rationales, parties in opposite camps are urging the department to avoid a scattershot approach that would overlap with the Securities and Exchange Commission’s proposed climate risk disclosure rule.
Investors and organizations focused on environmental, social and governance issues say the department’s Employee Benefits Security Administration should adopt a proposed rule expanding plan sponsors’ ability to consider climate risk and other ESG factors in their investments before the agency considers requirements to disclose more information on climate risk.
