NYC Comptroller Challenges BlackRock Over Climate Concerns

New York City Comptroller Brad Lander recommends rebidding $42.3 billion in pension funds managed by BlackRock due to climate concerns. Lander criticized BlackRock for failing to engage with companies on environmental issues, defining it as an 'abdication of financial duty.' The decision could influence Mayor-elect Zohran Mamdani's administration.

New York City Comptroller Brad Lander is pressuring city pension fund officials to reconsider the management of $42.3 billion handled by BlackRock, expressing serious environmental concerns.

This move is a significant counteraction by a Democrat against financial companies previously pressured by Republicans allied with the fossil-fuel industry. BlackRock has defended its position, stating the suggestion politicizes pension funds.

The suggestion puts incoming Mayor Zohran Mamdani in a difficult position as he prepares to assume office, amidst ongoing debates over responsible environmental investing practices.

(With inputs from agencies.)