Is your pension prepared to weather the impacts of climate change?

Transcript:

The destruction caused by extreme storms, droughts, and wildfires can harm the economy.

So Allie Lindstrom of the Sierra Club says that to protect the retirement savings of teachers, firefighters, and other public workers, public pension funds need to address the risks of climate change.

Lindstrom coauthored a report on how 30 public pension funds in the U.S. are responding to climate change in their voting records and proxy voting guidelines – policies that shape how the fund votes on shareholder issues.

Lindstrom: “For the average person, shareholder voting might fly under the radar, but it’s a really important way for investors … to hold corporations accountable to being good community members.”

She says the highest-scoring funds have guidelines that recognize the risks of climate change to the economy and set expectations for companies to take action – for example, by limiting carbon pollution.

Lindstrom: “If you are a public pension fund plan participant or beneficiary … you have a right to advocate for the pension fund taking steps to protect your retirement savings from the impacts of climate change.”

So she encourages people to speak up at public meetings, by email, or through their union.

Reporting credit: ChavoBart Digital Media