According to a new legal opinion by Randy Bauslaugh, pension funds have a duty to understand and manage the financial risks and opportunities that climate change poses to funds and beneficiaries. Mr. Bauslaugh identifies the legal obligations of pension fiduciaries to consider and manage climate risks, as with any foreseeable financial risk, and discusses the practical approaches they might consider to meet their legal obligations and improve effective fund management of these risks.
This opinion was written in response to the Canada Climate Law Initiative asking Mr. Bauslaugh for his professional assessment of the legal obligations of Canadian pension fiduciaries regarding climate risk.