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Starting on Jan. 30, a Department of Labor rule will take effect that explicitly allows fiduciaries to consider climate change and other environmental, social, and governance (ESG) factors in the selection of corporate-sponsored retirement plans. The rule clarifies Trump-era guidance that left unclear whether climate factors could be considered material risks.
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“This is a major step forward and hopefully we will see far better, greener, more sustainable funds enter major 401(k) plans,” says Zach Stein, co-founder and chief executive officer of the sustainable investment advisory company Carbon Collective.
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