Congressional Republicans recently attempted to block a new rule from the U.S. Department of Labor that allows retirement plan fiduciaries to consider environmental, social and governance (ESG) factors when choosing investments. The ESG rule, formally known as the Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights, went into effect on Jan. 30, following an executive order signed by President Joe Biden in May 2021. “The intensifying impacts of climate change present physical risk to assets, publicly traded securities, private investments, and companies — such as increased extreme weather risk leading to supply chain disruptions,” the executive order…