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Already, insurers are retreating from regions at risk of natural disasters, and last year Farmers Insurance announced its plans to leave the state of Florida .

Obviously, this would be a bad investment. Yet when it comes to the investments held in retirement plans, the ability to consider the impact of climate will at least partially depend on who occupies the Oval Office for the next four years.

Assessment of environmental, social and governance factors (ESG) is important because it can help investors identify well-managed companies, avoid the worst impacts climate change will have on the economy and take advantage of opportunities arising from a transition to renewable energy. Research consistently shows companies that take these considerations into account in their growth strategies have the potential to outperform their .

At the same time, it is estimated that climate change could shave a staggering 15% off global economic growth, with some companies and industries far worse affected than .

American workers deserve a secure retirement, which is why the law requires managers of retirement plans to act in the financial best interests of plan members. This underlying fiduciary obligation remained unchanged under both Donald Trump and Joe Biden. However, the way each administration interpreted fiduciary duty differed .

During his first term in office, former President Trump sought to protect the fossil fuel industry by taking a strong stance against ESG investing. His Department of Labor passed rules prohibiting pension and retirement plans from considering any investment factors beyond financial .

The more environmentally friendly Biden administration responded by removing these barriers and added new language allowing the consideration of environmental, social and governance factors in retirement plan investments, so long as they had financial .

In the last four years, much of the fight over ESG investing has played out at the state level. Politicians and attorneys general in a number of red states have advanced the pro-oil agenda by passing legislation to prohibit state agencies from using ESG criteria in investment decisions. In some cases, they have even banned states from doing business with banks and investment firms deemed antagonistic to the fossil fuel industry.

Such regulations protect the interests of oil, gas and coal companies at the expense of citizens and investors across the country who believe it’s in their own economic best interest to consider the risks posed to their investments by climate change.

While this fight would likely continue under any Democratic administration, Vice President Kamala Harris can be counted on to maintain the Biden-era reforms that allow fiduciaries to include climate in their assessment of potential retirement investments. A second Trump term, on the other hand, would almost certainly lead to limitations on investors’ freedom to consider all relevant factors when making investment decisions.

Without significant action today, climate change will inevitably have a negative impact on the economy and on the quality of life of everyday Americans, especially the retirees of tomorrow. It’s already happening. And it’s past time to take reality into account when planning for the .