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Blog/News ArticleFinancial RegulationRegulatory Activities

How a Proposed Department of Labor Rule Would Help Protect Retirement Savings From Climate Risk

This blog explains how a Department of Labor proposal would help protect Americans’ retirement savings by highlighting the financial relevance of climate change; undoing harmful Trump administration rules; affirming that fiduciaries should consider ESG factors like climate change when relevant to investment risk-return analysis; applying the same rational principles to…
Stephanie Jones and Alex Song
March 14, 2022
Adaptation as Risk ManagementEnvironmental JusticeReportRisk Management

Evaluating Climate Risk in NEPA Reviews: Current Practices and Recommendations for Reform

This report finds that in order to meet the National Environmental Policy Act (NEPA) requirement that federal agencies take a “hard look” at the environmental effects of proposed actions, agencies must consider how the changing weather and environmental conditions brought by climate change might impact an action and alter its…
Romany Webb, Michael Panfil, Stephanie Jones and Dena Adler
February 15, 2022
Adaptation as Risk ManagementAgency FilingEnvironmental JusticeFinancial DisclosureFinancial RegulationRegulatory ActivitiesRisk Management

Comments to the OCC on Principles for Climate-Related Financial Risk Management for Large Banks

These comments to the Office of the Comptroller of the Currency (OCC) support the OCC's draft principles on banks' management of climate-related financial risks, and offer recommendations for the OCC as it continues building on these principles with more detailed guidance. The comments recommend that the OCC consider: (1) providing…
Stephanie Jones, Michael Panfil, Jack Lienke and Bridget Pals
February 14, 2022
Blog/News ArticleEnvironmental JusticeRisk Management

OSHA Takes Important First Steps to Address Growing Risks of Heat to Workers

As climate change intensifies heat-related risks in the workplace, the Occupational Safety & Health Administration (OSHA) is developing regulations that would provide critical protections for workers from heat hazards in indoor and outdoor settings — a process that should incorporate consideration of climate impacts and the firsthand expertise of affected…
Bridget Pals, Jesse Hevia and Stephanie Jones
February 7, 2022
Agency FilingEnvironmental JusticeRisk Management

Comments on Heat Injury and Illness Prevention in Outdoor and Indoor Work Settings (EDF, Institute for Policy Integrity)

These comments support an advance notice of proposed rulemaking by the Department of Labor's Occupational Safety & Health Administration (OSHA) as an important step in OSHA’s efforts to develop strong heat stress protections for workers. The comments recommend that OSHA consider climate change amplification of occupational heat risks and the…
Stephanie Jones, Jesse Hevia, Michael Panfil, Jack Lienke and Bridget Pals
January 26, 2022
Financial RegulationRegulatory ActivitiesReport

Public Comments Overwhelmingly Support the US Labor Department Proposed Rule Addressing the Inclusion of ESG Criteria and Proxy Voting in ERISA-Governed Retirement Plans

This analysis of public comments found overwhelming support for the Department of Labor's proposed rule Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights, with 97 percent of comments in favor. The proposed rule affirms the ability of retirement plan fiduciaries to consider climate risk and other environmental,…
Eric Pitt, Bryan McGannon, Ginny Brooks, Gabriel Malek, Stephanie Jones and Claire Staib-Kaufman
January 25, 2022