- $280B in investments at stake: NYC pension funds will cut ties with asset managers who fail to meet rigorous new climate criteria.
- June 2025 deadline set: Managers must submit Net Zero plans meeting newly announced standards or face termination.
- NYC doubles down as federal support wanes: Lander outlines how Trump’s policies undermine local climate progress and pledges aggressive local action.
New York City Comptroller Brad Lander is tightening climate accountability across Wall Street, warning asset managers that failing to deliver robust Net Zero plans by June 30, 2025, will result in losing mandates for the city’s $280 billion in pension funds.
“Our new standards demand that the retirement systems’ managers strengthen their Net Zero plans consistent with their fiduciary duty—or we will find new asset managers who will,” said Comptroller Brad Lander.
The announcement came on Earth Day, as Lander used his weekly Protecting New York from Donald Trump briefing to counter what he called “systematic gutting” of federal climate progress. Standing alongside activists from 350 NYC and Fridays for Future, Lander pointed to recent Trump-era rollbacks as urgent justification for New York City’s climate-forward investment strategy.
Trump’s Climate Pullback: Direct Threat to NYC
Lander detailed several federal climate policy reversals that directly impact the city:
- $300 million in FEMA flood protection canceled under the BRIC program.
- Halted offshore wind project that would have powered 500,000 homes.
- Shutdown of LIHEAP, leaving 1.2 million low-income New Yorkers vulnerable to extreme temperatures.
- Declared NY’s Climate Superfund Act unconstitutional and scrubbed key climate data from federal systems.
“As Trump systematically guts progress on climate, even as we witness hotter temperatures and more disasters each year, cities like New York must push forward,” Lander emphasized.
RELATED ARTICLE: NYC Comptroller Lander Proposes Fossil Fuel Ban in Pension Funds
Raising the Bar: New Standards for Net Zero
Since taking office in 2022, Lander has steered the city’s pension boards toward a 2040 Net Zero goal. A critical step now is enforcing compliance from asset managers across NYCERS, TRS, and BERS funds.
New minimum standards include:
- Real economy decarbonization, not just green-leaning portfolios.
- Scope 1, 2, and material Scope 3 emissions must be measured and reported.
- Concrete transition plans aligned with science-based targets and capital expenditures.
- Climate-aligned lobbying and attention to community-level impact.
Managers who fail to meet these criteria—or skip submission altogether—will have their mandates put out to bid, with evaluations guided by the Public Procurement Board.
Targeting BlackRock and Tesla
Lander singled out BlackRock for symbolic climate backsliding, noting its recent exit from the Net Zero Asset Managers initiative.
“Asset managers like BlackRock have forsaken even the symbolic forms of climate action,” Lander said.
He also renewed his call for the Adams administration to pursue litigation against Tesla, citing concerns over CEO Elon Musk’s divided focus and ties to Trump.
“Mayor Adams and his team are slow-walking litigation against Tesla to remain in the good graces of Trump and Musk, rather than doing what’s best for New York City’s retirees,” Lander said.
Market Pressure to Clean Up
Climate advocates welcomed Lander’s aggressive pivot.
“Comptroller Brad Lander is standing up to Trump by moving money from dirty money managers to cleaner managers,” said Olivia Leirer, Co-Executive Director of New York Communities for Change. “We urge other blue cities and states to join New York City by divesting from oil and gas and holding asset managers accountable.”
As federal support erodes, NYC’s financial strategy sends a clear message to the investment community: align with climate goals—or be left behind.
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