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Public, and private market managers that have faced less
pressure on climate issues to date, run most of the roughly $240
billion in New York City pension fund assets. Boards overseeing
the majority of that money have approved new expectations for
those managers, New York City Comptroller Brad Lander said,
which will be announced on Wednesday.
Lander told Reuters in an interview the hope is that the new
requirements by one of the largest U.S. pension funds will lead
the investment firms themselves to adopt more aggressive steps
to reach net zero emissions from portfolio companies.
"The purpose isn't to get a gold star for our portfolio, the
purpose is to work together with other investors to achieve
changes in the real economy," Lander said.
Lander urged BlackRock Inc last fall to take stronger
environmental steps such as phasing-out high emitting assets.
BlackRock CEO Larry Fink has defended the New York-based asset
manager's continued holdings in fossil fuel companies, at the
same time facing criticism from Republicans the firm has gone
too far in considering environmental, social and governance (ESG)
factors in investing.
Lander said the plans recently approved by New York City pension
boards extend similar calls to other external managers,
including those that manage the 25% of pension assets held in
fixed income and the 25% in private markets.
His office will also consider further divestments beyond those
made in the past, Lander said.
(Reporting by Ross Kerber; Editing by Muralikumar Anantharaman)
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