; (B) identify possible investment opportunities in clean and renewable energy and other emerging industries that would maximize returns; (C) produce a comparative analysis comparing the fiduciary efficacy and responsibility of existing investment practices of the Board with decarbonized portfolio alternatives; and (D) advise the Board on how to identify, assess, and manage the investment risks and opportunities of climate change and prepare for a transition to a low-carbon economy. (4) Examination In carrying out the duties described under paragraph (3), the Advisory Panel shall examine the following, and issue a report to the Board on the results of such examination: (A) Economic and policy challenges facing the fossil fuel industry over the short, medium, and long term. (B) Quantitative and qualitative analysis and modeling of the economic impact of climate change on Federal employee retirement programs (e.g., diversification of investments, risk tolerance, future economic and workforce trends, new opportunities, expected losses, and returns). (C) The current state of, and outlook for, clean energy, including possible investment opportunities. (D) Experience (including performance analysis) of other pension funds and investors which have undertaken concerted de-carbonization efforts or strategic divestment from fossil fuel holdings in order to maximize the efficacy and stability of their assets while minimizing their climate-related risk exposure. (E) Strategic options to address climate-related investment risks through further de-carbonization, including— (i) transitioning to a low-carbon or carbon-free benchmark index for all public equities; (ii) divesting from significant fossil fuel holdings that are not responsible fiduciary investments for beneficiaries