CLIMATE CHANGE RISK AND THE MARYLAND STATE RETIREMENT AND PENSION SYSTEM
Climate change poses a real and meaningful threat to economies, industries, and companies at global, national, and local levels. The physical impacts of climate change create multiple, well-documented risks to people, governments, and business, but the risks are not limited to physical damages: other important risks include loss of competitiveness and value associated with the transition to a low carbon economy, and legal liability for the mismanagement of such risks. These risks are particularly relevant to public pension funds, which have long-running, predefined obligations to beneficiaries and need to sustain growth over longer time horizons.
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