The Center for International Environmental Law’s Hana Heineken and Nikki Reisch project more financial risks as climate change worsens, saying that ignoring them could constitute a breach of pension fund managers’ fiduciary duties.

At the behest of their fossil fuel backers, Republicans are waging a multifront war to strongarm bankers and pension fund managers into downplaying the financial risks posed by climate change. These tactics are chilling urgent climate action and may actually be fueling unlawful behavior.

Last year was another blockbuster of expensive climate-driven disasters, costing at least $165 billion in the US alone. Florida’s Hurricane Ian topped the list with $113 billion in insured and uninsured losses, threatening to financially ruin the state’s homeowners and insurers.

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