Department of Labor proposal would help protect Americans’ financial futures from climate change risk

Statement by EDF Climate Risk Strategy Director Michael Panfil – October 13, 2021

October 13, 2021

Sharyn Stein, 202-905-5718, [email protected]

“Today the Ministry of Labor issued a proposed rule clarifying that pension managers can integrate climate change risks alongside other risks into 401 (k) investment decisions.

“Climate change represents a serious and growing threat to our financial system. Experts and government entities are increasingly reaching the same conclusion, from last month’s New York Federal Reserve report to recent efforts by the Commodity Futures Trading Commission. Today’s proposal would give pension managers the opportunity to make the best possible decisions for their clients after taking all risks into consideration, including the risks posed by climate change.

“Better informed investment decision making, reflecting climate risks, is an important and critical step in protecting the financial health of Americans. We encourage the Department of Labor to quickly finalize this proposal and urge the Biden administration to take all possible measures to protect the resilience of our country’s financial sector. “

– Michael Panfil, Director of Climate Risk Management Strategies, Environmental Defense Fund

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One of the world’s leading international non-profit organizations, Environmental Defense Fund ( creates transformational solutions to the most serious environmental problems. To do this, EDF combines science, economics, law and innovative partnerships with the private sector. With more than 2.5 million members and offices in the United States, China, Mexico, Indonesia and the European Union, EDF scientists, economists, lawyers and policy experts are working in 28 countries to transform our solutions in action. Join us on Twitter @EnvDefenseFund

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