Below is a copy of the public testimony delivered by Phyllis Farrell with the Sierra Club Washington State Chapter at the Washington State Investment Board meeting in November 2025:
My name is Phyllis Farrell with the Sierra Club Washington State Chapter. Many of our 19,000 members, including pension plan participants like myself, are concerned about the impacts of climate change on their retirement savings.
Studies warn of dire financial consequences from climate change. In 2024, Ortec Finance modeled that pension funds could face investment return declines of up to 50%* by 2040.
The Sierra Club recommends four strategies for pension funds to mitigate systemic climate risks:
- Investments: WSIB must stop investing in fossil fuels and invest in the clean energy transition.
- Policy Advocacy: Investors must advocate for a rapid and orderly transition.
- External managers: WSIB can demand more of managers and consultants, who face political pressure to ignore risks like climate change.
- Investment Stewardship: As we’ve said before, pension funds must advocate for responsible business practices and decarbonization.
All of these strategies are part of a comprehensive plan to protect the savings of workers in Washington.
Thank you for your time.