In an effort to combat climate change, New York City is implementing new climate standards for pension fund asset managers. After divesting $4 billion from fossil fuels in 2021, the city aims for more comprehensive action. New guidelines require asset managers to present transparent climate strategies aligned with the city’s net-zero goals before a deadline. Failure to meet these standards may lead to a loss of pension fund business, encouraging a shift from polluting firms like BlackRock towards more sustainable investment options, significantly impacting the financial landscape and climate efforts overall.
"What we're doing is getting the New York City pension funds to use their buying power to shift money from dirtier money managers like BlackRock, who are bad on climate, to cleaner money managers."
New York City Comptroller Brad Lander announced new climate standards for pension fund asset managers, including clear net-zero goals that decrease their scope 1, 2, and 3 emissions.
Collection
[
|
...
]