Most corporate retirement plans are awash in fossil-fuel investments. But that could start to change this year as a new US rule comes online and employee pressure builds for more climate-friendly options.

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.

“This is a major step forward and hopefully we will see far better, greener, more sustainable funds ...

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