Research
Because $6 trillion in worker savings deserves more than a quarterly report.
Climate Finance Action develops practical tools, policy analysis, and original research to help workers, trustees, and advocates engage public pension funds on climate risk — with confidence and clarity.
Understanding how these systems work is the first step to changing them.
Understanding the intersection of climate risk, fiduciary duty, and worker power requires rigorous research, honest analysis, and tools that are built for the people who actually need to use them.
That is what this page is for. The resources here reflect CFA's ongoing commitment to making the complex accessible, translating the technical language of pension governance, climate finance, and labor justice into practical knowledge that workers, trustees, researchers, and policy advocates can act on. We build these tools in collaboration with the people closest to the work, and we update them as policy and systems change.
Areas of focus
Where Our Research Lives
CFA's research is built around the questions workers, trustees, and advocates are asking, and the gaps that need filling most urgently.
Pension governance and climate risk
How public pension funds manage climate-related financial risk, the tools available to trustees and investment staff, and what responsible stewardship looks like across different fund structures and state contexts.
Fiduciary dutyLabor justice and worker power
The connection between labor organizing, pension engagement, and the fight for a just transition, including how workers and union leaders can use pension funds as a tool for advancing labor justice and long-term economic security.
Just transitionState policy and legislative landscape
How state-level policy is shaping the climate finance space — from climate resilience investment laws to anti-ESG legislation — and what those changes mean for pension funds, trustees, and beneficiaries across the country.
Policy trackerStewardship and beneficiary communication
How pension funds communicate with their beneficiaries about stewardship, transparency, and investment decisions and what best practices look like across different fund types and political environments.
TransparencyFeatured Research
Our Latest Work
Original research and practical tools built for workers, trustees, and advocates navigating the intersection of climate risk and public pension funds.
Unlocking State Power
How public pension funds can become more active drivers of in-state climate investment and what structural and political barriers stand in the way.
Transparency and Stewardship
How major U.S. public pension funds communicate stewardship to their beneficiaries with specific examples, source documents, and analysis of contrasting approaches.
Practical tools
A checklist built for the people doing the work.
The Integrated Resilience Checklist gives union trustees and worker leaders a structured way to assess whether employers, pension funds, and public institutions are truly prepared for the economic transition already underway. Not an audit. Not a report card. A starting point for better questions and more direct engagement.
Inside the checklist
The Integrated Resilience Checklist for Union Trustees and Worker Leaders
State Policy tracker
State Policy Updates
Recent legislative and personnel developments across key states — tracking how public pension funds are expanding their capacity for sustainable investing.
Last updated: 2024
Personnel
CalPERS committed to boosting its sustainability staff. Hired
LACERA added an experienced corporate governance professional with leadership experience in proxy voting, investor relations, and investor engagement. Hired
CalSTRS made Net Zero transition commitments and is bringing in a transition tracker and other resources to meet its goals. In Progress
Key Bills and Policies
Senate Bill 253 — Mandates climate-related disclosures for public and private companies doing business in California. Passed
Senate Bill 261 — Requires businesses with annual revenues over $1 billion to disclose Scope 1, 2, and 3 GHG emissions annually. Passed
CalPERS adopted and began implementing Labor Principles in 2023. Adopted
LACERA updated its proxy voting guide to include director votes and commits to managing systemic climate risk across its entire portfolio. Adopted
Key Bills and Policies
SB 23-016 — Requires economy-wide emissions cuts of at least 65% by 2035, 75% by 2040, 90% by 2045 (below 2005 levels), and net-zero GHG emissions by 2050. Passed
Personnel
Treasury built its sustainable investing team with a new Deputy Director of Corporate Governance and Sustainable Investment and a Director of Public Assets. Hired
Key Bills and Policies
Illinois Sustainable Investing Act (30 ILCS 238) — Requires public agencies to prudently integrate sustainability factors into investment decision-making. Passed 2023
Updated Proxy Voting Guidelines — New adjustments around biodiversity, governance, and classification of climate as a systemic risk. Adopted 2023
HB 2782 — Requires public entity investment managers to disclose how they integrate sustainability factors into investment decision-making. Passed 2024
Personnel
MassPRIM created a new Director of Stewardship position reporting to the Deputy Chief Investment Officer. Hired
Key Policies
MassPRIM updated its ESG Committee — now the Sustainability and Stewardship Committee, chaired by the state treasurer. Adopted
MassPRIM ESG Committee proposed Stewardship Principles in 2023. Adopted 2023
Personnel
State Comptroller's office added a climate resilience director and an investment research officer. Hired
MSRPS hired a Senior Governance Manager and is rehiring for the position to start in 2025. Hired
MSRPS added a DEI Director to advance diversity and equity in investments and stewardship. Hired
Fund adding a Climate Risk Advisory Panel for additional expertise on risk management. In Progress
Key Bills and Policies
MSRPS completed its Climate Risk Assessment Study (February 2023), sparked by HB 740. Completed
HB 1212 — Signed into law to allow the State Retirement Agency to hire a DEI professional. Passed 2024
Personnel
Fund added two new positions to strengthen its investment stewardship team. Hired
Key Policies
2024 Climate Roadmap and updated Investment Beliefs Statement recognize systemic risk and set the stage for expanded risk analysis and corporate engagement. Adopted 2024
Key Policies
NMSIC set a new vision and mission to preserve, diversify, provide transparency, and grow assets through diversification of staff, consultants, investments, and money managers. Adopted
Personnel
Bureau of Asset Management added an economist to advise boards on investment policy, strategy, asset allocation, and financial developments. Hired
Key Policies
New York State Common Fund adopted a 2040 Net Zero Carbon Emissions Target — including review of energy sector investments, assessment of transition readiness, and divestment of companies failing to meet minimum standards. Adopted
Personnel
Treasury created a new position and hired an investment stewardship officer. Hired
Treasurer's Decarbonization Plan adds a Beneficiary Advisory Committee and plans for additional staff capacity. In Progress
Key Policies
Treasury launched a Proxy Voting Disclosure Database in 2023. Adopted 2023
Core Decarbonization Framework — Commits to 50% decarbonization across OPERF by 2035 and net zero portfolio GHG emissions by 2050. Adopted
Personnel
Treasury created a new ESG policy analyst position through a 2022 budget provision. Hired
Washington State Investment Board added a second corporate governance position. Hired
Fund added a Government and Public Affairs Director for working with legislators, government officials, state agencies, and labor unions. Hired
Key Policies
2024 Sustainability Report — Updated Climate Change Blueprint includes expanded education, assessments and reporting, and augmented data frameworks for greater risk analysis. Adopted 2024
Let's Build Something Together
If you are working on a research question, a policy challenge, or a knowledge gap that you think deserves deeper attention — we want to hear from you.
We partner with unions, pension funds, academic institutions, and advocacy organizations on white papers, policy briefs, practical tools, and original analysis. Our goal is always the same: to produce work that is rigorous enough to be credible and accessible enough to be useful.
If you have a research need or want to explore a partnership, reach out. We would welcome the conversation.