"Forty seven months into his 48 month term, New York City Comptroller Brad Lander has proposed moving some of the city's enormous pension fund business from dirtier to cleaner money managers. In particular, Lander proposes sending $42 billion worth of the city's business with BlackRock, the world's dirtiest money manager, to other, cleaner firms. If enacted as policy, that'd give Wall Street 42 billion reasons to clean up on climate."
"Yet the proposal means nothing if it isn't enacted. And there's exactly one pension fund board meeting before Lander is no longer comptroller. Now, at the 11th hour, it's time for Lander to use his considerable political skills to get it done. If he gets the pension fund trustees to enact his late-game proposal, it'll be a major boost in the global fight against climate change."
"The stakes are high: if global pollution levels don't decline much faster than they are currently, about 30 percent of the city will flood chronically as sea levels rise and rainstorms intensify in the coming decades. It's imperative for the city to reduce pollution to save itself-and absurd for it to finance its own destruction by investing in oil and gas. Moreover, since it is a low-growth industry entering the beginning of its sunset, oil and gas companies have lagged the broader markets."
Forty-seven months into a 48-month term, Comptroller Brad Lander proposed shifting $42 billion of New York City's pension fund business away from BlackRock to cleaner money managers to pressure climate action. The proposal needs approval from pension fund trustees at one remaining board meeting to take effect. The city faces substantial climate risks, including roughly 30 percent chronic flooding as sea levels rise and storms intensify. Continuing to invest in oil and gas both finances those risks and underperforms broader markets. Prior divestment under Scott Stringer removed billions from fossil-fuel stocks and bonds.
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