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Lack of climate risk analysis in US federal pension fund raises concerns
The board overseeing the largest public pension plan in the United States has not comprehensively assessed the risks that climate change poses to its investments, according to a US federal agency, raising fears that retirement savings funds are threatened.
The Federal Retirement Thrift Investment Board (FRTIB) says its investment strategies already take these risks into account for its portfolio, as they track broader indices of companies under new pressure to disclose climate risks.
But federal investigators responsible for ensuring climate risks are considered in all areas of government say the board “did not assess the potential investment risks posed by climate change“to the Savings Savings Plan (PSE).
The TSP, established by Congress in 1986, is a retirement fund for the U.S. federal workforce and has approximately 6 million participants and $ 735 billion in assets in April.
The striking findings, detailed in a government monitoring report released last month in response to a congressional inquiry, threaten to hamper Pressure from President Joe Biden for a “whole-of-government” approach to climate change.
They also run counter to the efforts of growing number of US states and cities are abandoning fossil fuel investments in their own pension funds in an attempt to reduce risk.