Climate Cost Reporting and New Fossil-Fuel-Free Federal Retirement Options.
This law requires the Federal Reserve and the SEC to report annually on the economic costs of climate change, including property losses and disaster relief expenses. It mandates a study to determine if federal retirement funds (TSP) should shift investments away from fossil fuels toward low-carbon options to protect savings from climate risk. If the retirement board does not proactively adopt a low-carbon strategy, a new, fossil-fuel-free investment option will automatically be created for federal employees.
Key points
The Federal Reserve and the SEC must publish annual reports detailing the economic costs of climate change, including property damage and impacts on public health and the labor market.
The board managing federal employee retirement savings (TSP) must study whether divesting from fossil fuels and investing in clean energy is financially safer and more profitable.
If the board fails to implement a low-carbon strategy, federal employees will gain a new retirement fund option that explicitly excludes investments in fossil fuel entities.
Expired
Citizen Poll