Recently, significant banks and asset managers in the U.S. have withdrawn from net zero networks designed to promote carbon reduction targets. In contrast, NYCERS, a pension fund for New York City employees, reaffirmed its commitment by joining the Net Zero Asset Owner Alliance shortly after the 2020 presidential election. Comptroller Brad Lander highlighted the importance of such collective actions among pension funds, particularly as they counteract the growing skepticism towards climate goals. As a result, these funds engage more actively with their asset managers to uphold climate-related commitments.
The recent shift in some of the largest banks and asset managers away from net zero networks has raised concerns about climate commitments and sustainability efforts.
Mr. Lander emphasized the importance of collective action by pension funds at this time, noting that they are a bulwark against efforts to sideline climate-related risks.
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