Bill vetoed by Biden would have kept fund managers from considering climate risk, social factors in pension fund investments
For some time, investment fund managers have considered it prudent to take into account climate risk along with other factors in their decision-making.
There’s some analysis from surprising sources that the opposite is the case. Nevertheless, a Republican-backed bill to overturn the rule made it to President Joe Biden’s desk, prompting his firstSimilar proposals to prohibit so-called ESG investing are being advanced in various Republican-controlled states. Yet government-generated reports in Indiana and Kansas — hardly liberal strongholds — conclude restricting consideration of such factors could cost pension funds billions of dollars.
The Kansas Public Employees Retirement System investment portfolio returns “would decrease by $3 billion over the next ten years compared to the current investment portfolio” if the proposal becomes law, a budget department analysis said.
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